Perfect Storm: We are reaching MOHTC capacity while the threat of a reduced 90M Cap Looms
It seems counter-intuitive that such a successful program would face severe cuts or elimination from our State Legislature, but it has been an annual event since a cap of $140M was first initiated in 2009. Supporters have succeeded in keeping the cap at this level until now, but some “Grand Bargain Tax Reform” discussions among our leadership this past summer included a proposed cut from $140M to $90M. Some people think this would be okay, that we could deal with a $90M MOHTC and no hurt too badly. This is simply not true.
ONE quarter into FY2015, we have already reached $50M in MOHTC authorizations. If we had a reduced $90M cap this year, we would be looking at holding up around 1/2 of yearly projects in the first year alone; queuing for an unclear time period while paying property taxes and other building expenses is NOT an option for most developers and/or financial institutions. Do we want to imagine what happens to the growth and redevelopment pace across the state in that scenario? Let’s work together to prevent a cut instead. Please join the effort to #savemohtc!
We have a long road to January when the Legislative session begins, and more action will be required as we go. Presently, our local and state leadership can represent our interest best by understanding the critical point we are at and the consequences for our communities and state under a weakened MOHTC. We are at capacity for MOHTC, and ANY cut will slow growth across the state, period. Each additional voice increases our chances of success. Please speak with your local leadership, follow up with email and hold them accountable: Urge them to publicly protect and defend MOHTC from any cut, to Governor Nixon and the State Legislature.
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