Creates an opportunity for entities to establish a workforce housing investment fund

HB 245 establishes a grant program through Missouri's Department of Economic Development to support nonprofit organizations in creating "workforce housing investment funds." These funds will finance affordable housing projects in rural communities (populations under 50,000) that meet specific cost criteria: owner-occupied units costing no more than $275,000 per unit or rental units under $200,000 per unit (adjusted annually using the Producer Price Index). Nonprofits must apply for grants to develop these funds, which will provide financing for new construction, rehabilitation, or upper-story housing. The bill directly affects rural communities and nonprofit housing developers by creating a structured mechanism to increase affordable housing options for local workers.