Bill > HB431

This bill creates the Housing Loan Assistance Pilot Program administered by the Mississippi Development Authority (MDA) to provide low-interest (1%) home repair and construction loans to specific residents. Eligible applicants must live in one of the ten poorest counties, be at least 65 years old or legally disabled or employed for two consecutive years, own the property, have a household income not exceeding $30,000 annually, and have been unable to secure a conventional loan in the past 12 months. The program will be funded through a $3 million state general obligation bond issuance, with a dedicated Housing Loan Assistance Fund established in the state treasury. To generate additional funding, the bill amends existing law to add a $3 fee for recording deeds and deeds of trust, which will be remitted to the MDA and deposited into a special Housing Loan Assistance Bond Sinking Fund. The bonds will have a maximum maturity of 25 years, and the State Bond Commission will manage their issuance and sale. The program aims to help low-income and vulnerable homeowners in Mississippi's poorest counties improve or construct housing by providing accessible financing where traditional lending options are unavailable. The bill is set to take effect on July 1, 2025.

Housing and Urban Affairs

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0431.xml