Missouri housing panel approves aid for tornado affected areas

Thursday, August 25, 2011 | 12:14 p.m. CDT

JEFFERSON CITY — Missouri's low-income housing agency has approved $100 million in tax credits to help rebuild Joplin and the St. Louis County community of Berkeley after they were hit by tornadoes earlier this year.

The decision Thursday by theMissouri Housing Development Commissionwill allocate $90 million of tax credits over 10 years to the Joplin area and $10 million to Berkeley.

A tornado that struck Joplin in May killed 160 people and damaged about 7,500 homes. No one died in the April tornado that hit the St. Louis area.

Commission staff members have estimated the tax credits could finance about 450 housing units, if developers spent about $120,000 per unit and received a typical price for the sale of the tax credit vouchers.

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