The Missouri Department of Economic Development is taking applications for the Neighborhood Preservation Act. Click to hear KMZU’s Jill Molloy talk with Spokesperson for Missouri Department of Economic Development John Fougere:

Audio: John Fougere

Press Release from The Missouri Department of Economic Development

JEFFERSON CITY – The Missouri Department of Economic Development (DED) has announced applications are currently being accepted for the Neighborhood Preservation Act. The purpose of the act is to provide an incentive for the rehabilitation or construction of owner-occupied homes in certain areas of the state.

The Missouri Neighborhood Preservation Act was passed during the 1999 Missouri General Assembly and became effective January 1, 2000. The law’s intent is to aid in the rehabilitation and new construction of homes in certain census blocks in the state of Missouri. The DED is responsible for the administration and issuance of tax credits under this program.

The tax credit is issued at the completion of the project and based upon approval of the final paperwork. The credit must first be applied against the tax liability for the tax year in which the credit is issued. Thereafter, any excess credit may be applied towards the tax liability for the three prior years or the five subsequent years.

Applications must be postmarked no later than February 15.  For additional information regarding the program, including an application, process and review criteria, visit DED’s web site at www.ded.mo.gov or call 573- 522-8005.