Multi-Family Housing

The State Treasurer's Office is committed to enhancing the multi-family housing options available for Missouri's low and moderate-income families. To meet this commitment, the State Treasurer's Office has developed a program utilizing the State's deposit power to improve the availability of affordable multi-family housing in Missouri.

As part of the program, the State Treasurer's Office will evaluate project proposals for their potential impact on the community and for the importance of linked deposit funding in the feasibility and financing of the project. Priority in the allocation of linked deposit funds will be given to those projects that provide a positive impact on a neighborhood's stability by preventing deterioration of existing multi-family housing units or rejuvenating those units that have deteriorated and/or provide housing where there is a lack of affordable housing in an area.

Eligibility

There are two categories of borrowers eligible to participate in the Missouri Linked Deposit Program for Multi-Family Housing.

An eligible residential property owner is a person, firm or corporation that purchases and develops or rehabilitates a multi-family residential structure. Projects with two or more units will qualify as multi-family residential structures. Deposit funds may be used in connection with loans for the purchase and rehabilitation, construction, renovation and land development of multi-family residential structures.

An eligible residential property developer is an individual who purchases and develops a residential structure of either two or four units. The individual must agree to continue to use, for at least the next five years, one of the units as his principle residence. If not, the developer's principle residence must be located within one-half mile of the developed structure and he/she must agree to maintain the principle residence within one-half mile of the developed structure for at least the next five years.

Eligible Projects

• Apartment building renovation.
• Housing for the homeless.
• Other affordable housing initiatives.

Funding

• A total of $20 million has been allocated for Multi-Family Linked Deposits.
• The size of the linked deposit depends on the financing needs of the developer or owner. The minimum deposit for this program is $10,000; the maximum is $1 million.