MHDC HISTORY
The Missouri Housing Development Commission was created by the 75th General Assembly. The Commission includes the governor, lieutenant governor, attorney general, treasurer and six persons appointed by the governor with the advice and consent of the Senate.
MHDC functions as a bank, providing financing directly to borrowers or through a network of private lending institutions. The Commission has invested over $4 billion in home mortgages, home improvement loans, grants to neighborhood housing groups, and other housing programs.
The Commission also makes funds available for the purchase of homes for first-time buyers at below-market interest rates. The funds for mortgage financing are provided through the sale of tax-exempt bonds that the Commission is authorized to issue.
MHDC has been helping first-time homebuyers since 1976 through the MRB also known as the Mortgage Revenue Bond Program. The program name changed from MRB (Mortgage Revenue Bond) to the First Place Loan Program in 2003. Since the inception of the program over 80,000 Missouri citizens have been able to achieve the American Dream of homeownership.
The Commission participates with the Department of Economic Development in preparing the state's Consolidated Plan for the U.S. Department of Housing and Urban Development.
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