State seeks applicants for 2002 Neighborhood Preservation Tax Credit Program

The Missouri Department of Economic Development is now taking applications for a program that authorizes state tax credits for homeowners or developers in disadvantaged areas around the state to help offset expenses incurred through housing rehabilitation or new construction.

The neighborhood Preservation Program is currently compiling a mailing list for persons interested in performing rehabilitation or constructing new homes in the year 2002. New applications will be mailed out later this month and should be completed and returned to the Neighborhood Preservation Program no later than November 16, 2001, for preliminary approval. Tax credits also are still available in specific areas throughout the state for this year. Projects may qualify for a tax credit of 15, 25 or 35 percent of eligible expenditures, depending on whether the project is located in a "qualifying" or "eligible" area as determined by the median household income in that region, and if it is a housing rehabilitation or new construction. State income tax credits may be used to offset Missouri income tax liability.