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JEFFERSON CITY, Mo. (AP) - A new audit says Missouri's low-income housing program is inefficient and among the costliest in the nation.
 
The report Monday by State Auditor Tom Schweich says Missouri awards more low-income-housing tax credits per capita than any other state.
 
But the audit says the program is inefficient because only 42 cents of every $1 in tax credits goes toward the actual construction of housing. The report says the rest goes to investors, syndication firms and federal taxes.
 
Special committees that have analyzed the program have reached similar conclusions in the past. But lawmakers have been at loggerheads over whether to pare back the program because some say it has a laudable goal.
 
The audit says the tax credits helped finance about 47,000 housing units since 1998.
 
Monday, 10 March 2014 14:29
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St. Louis, MO (KTRS) - A young man is in the hospital after he was hit by a car while crossing I-70 this morning.

 

Just before 9:30 AM a woman was driving on eastbound 70 near O'Fallon, when she hit the pedestrian. Police say the driver did nothing wrong and do not know why the man was trying to cross the highway. Traffic was jammed until around 11 as police investigated the scene.

 

Police let the driver leave the scene and said there was nothing criminal about the accident. The man was unconcious when he was taken to the hospital with serious injuries. 

Monday, 10 March 2014 14:27
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BOSTON (AP) - An MBTA Green Line train has derailed in Boston, sending 10 people to hospitals with minor injuries.
 
A spokeswoman for the Massachusetts Bay Transit Authority said the outbound train went off the track underground and struck a wall shortly after 12:20 p.m. Monday. The cause of the crash is being investigated. It occurred at the intersection of two branches of the Green Line just west of Kenmore Station, which is near Fenway Park.
 
Boston emergency crews reported at least seven people, including the train's driver, complained of back pain. All passengers walked off the train unassisted. Some of the injured were on a following train that braked to avoid the crash.
 
Service on parts of the affected branches wasn't expected to resume Monday. Shuttle buses were running to accommodate commuters.
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SPRINGFIELD, Ill. (AP) - A study contends that Illinois wears a "scarlet letter" when it borrows money - which has cost at least $80 million over a five-year period.
 
The review by the University of Illinois Institute of Government and Public Affairs estimated the state's "risk premium" in selling bonds to raise money. This cost is on top of additional interest charges paid because of Illinois' worst-in-the-nation credit rating.
 
The study found that on bonds sold from 2005 to 2010, bond-buyers demanded the premium based only on the state's fiscal reputation. It notes the Prairie State's credit rating has fallen further since 2010.
 
Authors of the study collected data on all state general obligation bonds sold during the period and calculated interest charges above the extra paid based on credit rating.
Monday, 10 March 2014 13:33
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