MO HB546

Creates the Missouri Housing Development Commission as a governmental instrumentality consisting of the governor, lieutenant governor, state treasurer, state attorney general, and six governor-appointed members knowledgeable in housing, finance, or construction.

Requires the executive director or chief executive officer of the Missouri Housing Development Commission to reside within a 40-mile radius of Jefferson City beginning July 1, 2012.

Grants the commission broad powers to make loans, purchase mortgages, provide insurance, offer technical and consultative services, and issue bonds for residential housing projects serving low-income, moderate-income, and distressed community residents.

Establishes the Missouri Housing Trust Fund in the state treasury to receive funds from user fees, grants, and other sources, with allocations directed by the commission for housing purposes and administrative costs capped at 2 percent annually.

Requires the Housing Trust Fund to maintain reserves equal to the last two years of funding or a minimum of $300,000, whichever is greater.