MS HB803

Creates the Mississippi Affordable Housing Trust Fund within the State Treasury to provide loans, grants, and assistance for developing, rehabilitating, and preserving affordable housing for low-income individuals and families (those earning at or below 80% of area median income)

Establishes an 11-member Mississippi Affordable Housing Trust Fund Management Board appointed by the Governor (8 members) and Attorney General (3 members) to oversee fund management and approve awards, with a 10-member joint legislative oversight committee serving in an advisory capacity

Requires at least 60% of funds benefit very low-income persons (50% of median income or below), at least 55% benefit rural areas, and at least 40% each go toward homeownership and rental activities

Funds the trust through gaming revenue, depositing $500,000 monthly from fees collected under the Gaming Control Act into the trust fund

Caps administrative costs at 5% of fund monies or $400,000 annually, whichever is less, and allows up to 5% for capacity building grants to nonprofit organizations and local governments