HB2240--RURALWORKFORCEHOUSINGINVESTMENTACT
SPONSOR: Sharpe(4)
Thisbillestablishesthe"RuralWorkforceHousingInvestmentAct".
Aworkforcehousinggrantprogramshallbecreatedinthe
DepartmentofEconomicDevelopment(DED)tofosterandsupportthe
developmentofworkforcehousinginruralcommunities. Nonprofit
developmentorganizationsmayapplytoDEDforapprovalofa
workforcehousinggrantforaworkforcehousinginvestmentfund.
Grantsshallbeawardedonacompetitivebasisthrough2027.Grant
maximumsshallnotexceed$1milliontoanyonenonprofit
developmentorganizationoveratwo-yearperiod,withnomorethan
$2millioncumulativeforanysinglegranteethroughFY2027.
Grantsshallbeawardedinthefollowingmanner:
(1)Ademonstratedandongoinghousingneedasidentifiedbya
recenthousingstudy;
(2)Acommunityorregionthathasalowunemploymentrateandis
havingdifficultyattractingworkersandfillingemployment
positions;
(3)Acommunityorregionthatexhibitsademonstratedcommitment
togrowingitshousingstock;
(4)Projectsthatcanreasonablybereadyforoccupancyina
periodof24months;and
(5)Ademonstratedabilitytogrowandmanageaworkforcehousing
investmentfund.
Anonprofitdevelopmentorganizationshall:
(1)Investorintendtoinvestinworkforcehousingeligible
activities;
(2)Useanyfees,interest,loanrepayments,orotherfundsit
receivesasaresultoftheadministration ofthegranttosupport
qualifiedactivities;and
(3)Haveanactiveboardofdirectorswithexpertisein
development,construction,andfinancethatmeetsatleast
quarterlytoapproveallqualifiedinvestmentsmadebythe
nonprofitdevelopmentorganization. Anonprofitdevelopment
organizationshallhaveaformalplanandprovenexpertiseto
investunusedworkforcehousinginvestmentfundbalancesandshall haveanannualauditofallfinancialrecordsconductedbyan
independentcertifiedpublicaccountant.
Thisbillcreatesthe"RuralWorkforceHousingInvestmentFund".
Intheeventthatanonprofitdevelopmentorganizationfailsto
engageinactivitywithin24monthsafterreceivinggrantfunding,
suchfundsshallbereturnedtoDEDforcredittotheMissouri
HousingTrustFund.Ifanonprofitdevelopmentorganizationfails
toallocateanyremaininggrantfundingwithin24monthsafter
engagingininitialqualifiedactivity,suchunallocatedfunds
shallbereturnedtoDEDforcredittotheRuralWorkforceHousing
InvestmentFund.
TheDirectorofDEDshallhavediscretiontotransferanyunused
FundstoanyqualifyingtrustorfundbeforeAugust28,2029.
BeginningAugust28,2029,anyfundsheldbyDEDandnotdesignated
bytheDirectortobedisbursedtoanalternatefundshallbe
transferredtotheMissouriHousingTrustFund.
EachnonprofitshallsubmitanannualreporttotheDirectorof
DED.Suchannualreportshallincludethefollowing:
(1)Thenameandgeographicallocationofthereportingnonprofit
developmentorganization;
(2)Thenumber,amount,andtypeofworkforcehousinginvestment
fundsinvestedinqualifiedactivities;
(3)Thenumber,geographicallocation,type,andamountof
investmentsmade;
(4)Asummaryofmatchingfundsandwheresuchmatchingfundswere
generated;and
(5)Theresultsoftheannualaudit.
Ifanonprofitdevelopmentorganizationceasesadministration ofa
WorkforceHousingInvestmentFund,itshallfileafinalreport.
IfanonprofitfailstofileacompleteannualreportbyFebruary
15th,theDirectormayimposeacivilpenaltyof$5,000forsucha
violation.
TheDEDshallalsobeexpectedtocommititselfto:
(1)Ensurethatgrantfundsawardedtononprofitdevelopment
organizationsaretargetedtothegeographiccommunitiesorregions
withthemostpressingeconomicandemploymentneeds;and (2)Ensurethattheallocationofgrantfundsprovidesequitable
accesstothebenefitsprovidedinthebilltoalleligible
geographicalareas;
TheDepartmentshallsubmitanannualreporttotheGeneral
AssemblyandtheGovernorthatincludes:
(1)Thenumberandgeographicallocationofnonprofitdevelopment
organizationsestablishingworkforcehousinginvestmentfunds;
(2)Thenumber,amount,andtypeofworkforcehousinginvestment
fundsinvestedinqualifiedactivities;and
(3)Thenumber,geographicallocation,type,andamountof
investmentsmadebyeachnonprofitdevelopmentorganization.