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Energy Efficient FHA Mortgage Insurance
Department of Economic Development

Program Overview

Energy Efficient FHA Mortgage Insurance is a Program in which the Department of Economic Development (DED) will issue state income tax credits for rehabilitating a home. Distressed communities. See Location Eligibility Details below.

Who is eligible for this program?

The tax credits may be used to offset state income tax liability Tax credits may not be claimed in addition to any other state tax credits with the exception of the historic structures rehabilitation tax credit authorized in sections. If historic credits are claimed the maximum available credits shall be the lessor of 20% of the costs or $40,000. New Residences in Eligible Areas -15% of eligible costs, tax credits cannot exceed $25,000 per residence; New Residences in Qualifying Areas - 15% of eligible costs, tax credits cannot to exceed $40,000 per residence; Rehabilitation in Eligible Areas - 25% of eligible costs, minimum costs $10,000 Maximum tax credits cannot exceed $25,000 per residence; Rehabilitation in Qualifying Areas - 25% of eligible costs for residences not undergoing substantial rehabilitation, minimum costs $5,000. Maximum tax credits cannot exceed $25,000 per residence; Rehabilitation in Qualifying Areas - 35% of eligible costs for residences undergoing substantial rehabilitation, minimum costs no less than $5,000 AND greater than or equal to 50% of purchase price. Maximum tax credit cannot exceed $70,0000 per residence. Is this program for first time buyers only? No

Property Eligibility Requirements

"Qualifying areas," include "distressed communities," as defined in 135.530, RSMo, and areas with a median household income of less than 70% of the median household income for the applicable MSA or non-MSA. "Eligible areas," with a median household income of 70% to 89% of the median household income for the applicable MSA or non-MSA.

Benefit Details

Tax credit to offset state income tax liability. Benefit: Tax credits may be used to offset income tax liability. Owner Occupancy Required: Yes

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