MS SB3053

Creates the Mississippi Affordable Housing Trust Fund to be administered by the Mississippi Home Corporation, with funds used for development, rehabilitation, and preservation of affordable housing.

Establishes fund eligibility for households earning up to 80% of area median income, with at least 50% of annual expenditures benefiting households at or below 50% of median income.

Requires at least 50% of annual fund expenditures to support rental housing development or rehabilitation, and at least 55% of funds to benefit rural areas.

Authorizes up to 5% of fund deposits for capacity-building grants to nonprofits, local governments, and tribal organizations, and up to 5% for administrative costs.

Permits counties and municipalities to individually or jointly create local affordable housing trust funds to support housing production, acquisition, rental assistance, homeownership programs, and related services; effective July 1, 2010.