Lee's Summit Missouri Assumption of Low-Income Housing Tax Credit Land Acquisition Agreement

• Category: Missouri Government - Ordinances and Codes
• State: Missouri
• City: Lee's Summit
• Control #: MO-LR038T
• Format: Word; Rich Text

Description

This document recognizes that an agreement was made between an owner of real property and a Missouri governmental agency. The parties have agreed that the property will be developed for low-income housing. This assumption is signed by the purchaser of the property who acknowledges and agrees to the requirements and restrictions of that development agreement. Lee's Summit, Missouri Assumption of Low-Income Housing is an essential program aimed at providing affordable housing solutions to individuals and families with limited financial resources. This initiative aims to address the housing needs of low-income residents within Lee's Summit, a vibrant city located in Jackson and Class counties of Missouri, United States. The Lee's Summit Assumption of Low-Income Housing program offers various types of affordable housing options to eligible applicants. These can include: 1. Public Housing: Lee's Summit provides public housing units specifically designated for individuals or families who meet the income requirements. These units are owned and managed by the Lee's Summit Housing Authority to ensure safe and well-maintained accommodations. 2. Section 8 Housing Choice Voucher Program: This federal program assists eligible low-income individuals and families by providing rental vouchers. These vouchers can be used within Lee's Summit to subsidize a portion of the rent paid to participating private landlords, making housing more affordable. 3. Low-Income Housing Tax Credit (LIH TC) Properties: Lee's Summit also takes advantage of the LIH TC program, which encourages the development of affordable rental housing through tax incentives. These properties are typically developed by private developers who receive tax credits in return for offering affordable rental units to low-income individuals and families. 4. Affordable Housing Initiatives: Lee's Summit collaborates with non-profit organizations, housing developers, and various stakeholders to develop and maintain affordable housing units throughout the city. These initiatives aim to broaden the availability of safe and affordable housing options for low-income residents. The Lee's Summit Assumption of Low-Income Housing program plays a crucial role in ensuring that every member of the community has access to decent and affordable housing. It is designed to alleviate the burden of high housing costs on low-income individuals and families, promoting stability and improving overall quality of life. With its commitment to providing affordable housing solutions, Lee's Summit, Missouri ensures that its residents have the opportunity to thrive and establish strong foundations within the community. Through various housing assistance programs, the city seeks to foster a sense of inclusivity and social support, while also empowering individuals to achieve self-sufficiency and economic independence. Keywords: Lee's Summit, Missouri, assumption of low-income housing, affordable housing, public housing, Section 8, Housing Choice Voucher Program, LIH TC properties, low-income housing tax credit, affordable housing initiatives, housing assistance programs.

Lee's Summit, Missouri Assumption of Low-Income Housing is an essential program aimed at providing affordable housing solutions to individuals and families with limited financial resources. This initiative aims to address the housing needs of low-income residents within Lee's Summit, a vibrant city located in Jackson and Class counties of Missouri, United States. The Lee's Summit Assumption of Low-Income Housing program offers various types of affordable housing options to eligible applicants. These can include: 1. Public Housing: Lee's Summit provides public housing units specifically designated for individuals or families who meet the income requirements. These units are owned and managed by the Lee's Summit Housing Authority to ensure safe and well-maintained accommodations. 2. Section 8 Housing Choice Voucher Program: This federal program assists eligible low-income individuals and families by providing rental vouchers. These vouchers can be used within Lee's Summit to subsidize a portion of the rent paid to participating private landlords, making housing more affordable. 3. Low-Income Housing Tax Credit (LIH TC) Properties: Lee's Summit also takes advantage of the LIH TC program, which encourages the development of affordable rental housing through tax incentives. These properties are typically developed by private developers who receive tax credits in return for offering affordable rental units to low-income individuals and families. 4. Affordable Housing Initiatives: Lee's Summit collaborates with non-profit organizations, housing developers, and various stakeholders to develop and maintain affordable housing units throughout the city. These initiatives aim to broaden the availability of safe and affordable housing options for low-income residents. The Lee's Summit Assumption of Low-Income Housing program plays a crucial role in ensuring that every member of the community has access to decent and affordable housing. It is designed to alleviate the burden of high housing costs on low-income individuals and families, promoting stability and improving overall quality of life. With its commitment to providing affordable housing solutions, Lee's Summit, Missouri ensures that its residents have the opportunity to thrive and establish strong foundations within the community. Through various housing assistance programs, the city seeks to foster a sense of inclusivity and social support, while also empowering individuals to achieve self-sufficiency and economic independence. Keywords: Lee's Summit, Missouri, assumption of low-income housing, affordable housing, public housing, Section 8, Housing Choice Voucher Program, LIH TC properties, low-income housing tax credit, affordable housing initiatives, housing assistance programs.