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Home Ownership Purchase Enhancement Program (HOPE) Real Estate Property Tax Incentive
Missouri Housing Development Commission

Program Overview

Home Ownership Purchase Enhancement Program (HOPE) Real Estate Property Tax Incentive is a program that allows homebuyers to obtain an incentive equaling the amount of their 2009 real estate tax bill up to $1250 on a home purchased in 2010. If borrower applies for the Energy Efficent Incentive, borrower may receive $1750 total maximum. Money is available on a "first come first serve" basis and applications will be time stamped upon receipt by MHDC. $15 Million was allocated for program and will discontinue once funds are expended. See www.mhdc.com for required application documents. Program available on a homes located in the state of Missouri

Who is eligible for this program?

First time homebuyers and repeat buyers are eligible for the HOPE program. Borrwer must be at least 18 years old, and may not be purchasing home from a relative or spouse if married. Borrower must fill out the appropriate documents and applicable affidavit(s) and mail them to MHDC Attn: HOPE Program- AFTER CLOSING Maximum income for program is determined by location of home as being in a "target" or "non-target" area. "Target area" is defined as an area in which 70% or more of the families have an income that is 80% or less of the statewide median income. The list of targeted area census tracts may be found at www.mhdc.com/homes/targeted/targetd_areas.htm Household Income Limit: $ 70,400 for a 1-2 person household, and $80,960 for 3+ person household in non-target area. In target areas, 1-2 person household is $84,480 and 3+ person household is $98,560 Is this program for first time buyers only? No

Property Eligibility Requirements

Home purchased must be located in the state of Missouri. Allowable property types: 1-4 Unit primary residence or manufactured home on a permanent foundation.

Benefit Details

HOPE incentive funds are provided in the form of an interest free loan which does not charge interest or require payment. The recipient must repay the entire amount received if they fail to occupy the residence for at least one year form the date they receive the payment or sell, transfer, or otherwise dispose of the residence within one year from the date they receive the payment. for the tax incentive maxium incentive is $1250 and if homebuyer is obtaining energy efficient incentive, combined incentive maximum is $1750. Benefit: Borrowers must have closed in 2010, and contract to purchase home executed on or after January 1 2010. The executed sales contract adn closing documents may be dated no earlier than January 1 2010. Applications processed in 6-8 weeks and preferred payment method is direct deposit into applicants bank account. If no bank account is provided, payment will be a check. Borrower may have taxes paid in escrow with lender, in which case, incentive will still be issed to applicant. Owner Occupancy Required: Yes Other Program Comments: See Energy Efficient Improvement incentive also...

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