Senior housing owners could seek subsidies tied to rent limits

The Missouri Housing Development Commission could approve subsidies for covered senior housing owners who agree to rent limits and building upkeep. Covered buildings would have at least four rental units, meet the referenced federal senior-housing rules, and have been built or substantially renovated through National Housing Act section 236 or 221(d)(3). The project's mortgage must be eligible, now or later, for early repayment without prior approval from federal housing officials. Owners would request subsidies and seek approval of a plan to lower housing costs. Before making an agreement, the commission would consult owners, tenants, local government, and federal housing officials and hold a public hearing. Affordability and upkeep agreements would last for the remaining mortgage term, the subsidy contract term, or an additional 20 years, whichever is longest.

Owners receiving subsidies would follow income-based rent limits when senior apartments become available to new tenants. These provisions would cover subsidized apartments in senior rental housing projects. Household income would be measured against the area's median income: up to 50% for low-income tenants, over 50% through 80% for moderate-income tenants, and over 80% through 125% for middle-income senior tenants. Middle-income senior households would also have to meet the referenced federal senior-housing rules. A replacement tenant in a middle-income senior unit would have to qualify when moving in. The section also includes a 40% low-income and 60% moderate-income split without expressly excluding senior housing. The percentage rules would apply as subsidized apartments become available after previous tenants leave.