Council backs $10,000 commitment to support Teal Lake Village No. 2 low-income housing tax credit application

The Mexico City Council on Aug. 25 approved a resolution expressing support and committing $10,000 from the city’s housing incentive program to strengthen a Low-Income Housing Tax Credit (LIHTC) application for Teal Lake Village No. 2, contingent on approval and funding by the Missouri Housing Development Commission (MHDC).

Community economic development staff presented the proposal and the development design; staff said the planned project would consist of 46 units of two- and three-bedroom apartments across 23 buildings. “The housing development will consist of 46 units of 2 and 3 bedrooms,” a staff presenter said.

Staff recommended a $10,000 contribution to the housing incentive program fund to demonstrate community support and improve the application’s competitiveness; staff emphasized that the money would not change hands unless the MHDC approves the development and the developer breaks ground. The proposed funding is intended to add points to the application via local commitment and letters of support.

Council members asked about prior application history: staff said earlier rounds were declined by MHDC and that this is a renewed application; staff also said the project team has increased community support, some manufacturer backing and coordination with the housing authority on voucher support. If approved, staff estimated construction would be about a year out from approval.

Council adopted the resolution (Bill No. 2025-557) in support of the LIHTC application and the conditional $10,000 contribution to bolster the application.