MS HB1690

Establishes the Housing Loan Assistance Pilot Program administered by the Mississippi Development Authority to provide 1% interest rate loans for home repair or construction in the ten poorest counties in the state.

Applicants must be at least 65 years old, legally disabled, or employed for two years prior; own the property; have household income not exceeding $30,000 annually; and have been rejected for conventional loans in the preceding 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with bonds maturing within 25 years and bearing interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

Creates the Housing Loan Assistance Bond Sinking Fund to pay principal and interest on the bonds, funded primarily by a $3 additional fee on each deed and deed of trust recording collected by chancery clerks and remitted to the Mississippi Development Authority.

Establishes the Housing Loan Assistance Fund consisting of bond proceeds and other legislative appropriations, with unexpended funds carried forward annually and investment earnings deposited back into the fund for program administration.