2/5/2010 : Home Ownership Purchase Enhancement (HOPE) Program
MHDC is allocating $15 million towards the HOPE program. Qualified Missouri families that purchase a home in 2010 are eligible for a HOPE incentive equaling the amount of the 2009 real estate tax bill associated with the property they purchased, up to a maximum of $1,250. Additionally, homebuyers who are approved for the real estate property tax HOPE incentive may also be eligible to receive an additional amount if they bought a qualified newly constructed energy efficient home or bought an existing home and remodeled or purchased items, such as Energy Star appliances, to make the home
more energy efficient. The maximum combined total of the HOPE property tax incentive and the HOPE energy efficiency incentive is $1,750.
Frequently Asked Questions
1) When can a homebuyer submit an application for the HOPE incentive?
• A homebuyer is eligible to submit an application after completing a home purchase in 2010. The contract to purchase the home must also have been executed on or after January 1, 2010. The executed sales contract and closing documents may be dated no earlier than January 1, 2010.
2) How long is the program available?
• $15 million is available on a first-come, first-served basis, which is based upon the date and time an approved application is received. The program is available until the entire $15 million has been expended.
3) What method is used to pay an approved applicant?
• The preferred method of payment is a direct deposit into the approved applicant’s bank
account. If the bank account information is not provided on the application, payment will be made by check.
4) What repayment conditions apply to the HOPE program?
• The HOPE incentive funds are provided in the form of an interest free loan, which does not charge interest or require payments. The recipient must repay the entire amount received if they fail to occupy the residence for at least one year from the date they receive the payment or sell, transfer, or otherwise dispose of the resident within one year from the date they receive the payment.
5) Are repeat buyers eligible?
• Yes, first time homebuyers and repeat buyers are both eligible for the HOPE program.
6) Who is eligible to apply?
• A household that purchases and occupies, as their primary residence, a one-to-four unit home in Missouri on or after January 1, 2010, is eligible to apply for the real estate property tax HOPE incentive, subject to the income limits below. The contract to purchase the home must also have been entered into on or after January 1, 2010.
• The applicant must be at least 18 years old.
• The applicant may not acquire the property from a relative, or spouse if married.
• Depending on the county of the home purchase, the applicants’ maximum gross household income may not exceed the income guidelines for low- to moderate-income persons or families established by MHDC.
