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Low Income Housing Gets Support Amid Long List of Cheap Houses



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By : John Cutts    99 or more times read
As the number of foreclosures rises in Missouri, the list of cheap houses also expands. Despite the presence of these low-priced dwellings, a big number of state residents are still unable or unwilling to make a purchase, and the number of residents in need of a place to live is still rising. To help address the shortage of affordable housing in the state, the Missouri Housing Development Commission has approved tax credits meant to support housing projects.

Saint Louis foreclosure listings and distressed property listings in various areas of the state offer very low-priced residential properties. However, massive job losses and the nationwide recession resulted in reduced incomes all around the state, and most families in need of homes cannot afford to purchase one. For those who can, majority are reluctant to do so for fear of future job loss and further recession.

To accommodate residents who are in need of homes, including former homeowners who lost their properties to Missouri foreclosure listings, the commission approved tax credits that will finance various affordable housing initiatives. A total of $7.8 million will be provided as tax credits that will be distributed among 28 projects, which include a veterans housing program in St. Louis and a Pagedale senior residential project.

According to state officials, the projects selected to receive tax credits have lower average costs and will require less than residential development projects in the past. The projects are meant to provide housing to low-income families and residents who cannot afford to buy their own homes, even those included in the list of cheap houses.

Residential property developers who receive financing through tax credits usually sell the properties for fewer returns, making them even more affordable than houses under foreclosed lists. Although this will provide low-income households with a better chance of having a home, some state officials have criticized the continuous escalation of tax credit programs in the state, arguing that they take money away from other state initiatives.

For now though, more housing projects are scheduled to be started to benefit low-income state residents. With distressed properties and list of cheap houses expected to rise again in 2011, more people are likely to lose their homes to foreclosures, and most of them will be seeking help from the state government.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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