St. Louis Public Radio News
5:34 am
Mon February 16, 2009

Bond talks up housing tax credit he ultimately voted against

St. Louis, MO – Senator Kit Bond voted against the economic stimulus package twice.

But he is not shy about touting a key provision that provides more funding for low-income housing projects.

The Missouri Republican was in a bipartisan group of Senators that secured $2 billion for low-income housing tax credits, which can be bought and sold on the open market to help finance the projects.

The amendment was approved on a voice vote earlier this month, but Bond ultimately voted against the overall package, as did most of his GOP colleagues. Still, he says he deserves some credit.

"They carried too much water, but at least we made sure that this part of the water was good," he said.

Developers are ready to build more than 700 units of affordable housing across Missouri as soon as they can secure financing, Bond said.

"And we are estimating that it will get about three thousand jobs working in the state and tens of thousands nationwide. That's the kind of stimulus the economy needs right now," he said.

Bond was in town to review the impact of a low-income housing project built in north St. Louis city with the help of these credits. He says the development the housing supports can help revitalize urban areas.