MS HB867

Creates the Mississippi Affordable Housing Trust Fund, funded annually with 3.5% of sales taxes on construction and building materials, plus loan repayments, grants, and investment income.

Establishes an 11-member Management Board appointed by the Governor (8 members) and Attorney General (3 members) to oversee the fund and approve awards; creates a separate 10-member legislative Oversight Committee in advisory capacity only.

Directs funds toward affordable housing development, rehabilitation, preservation, rental assistance, down payment assistance, and support services for individuals and families earning at or below 80% of area median income.

Requires annual income targeting: 60% of funds for very low-income families, 55% of rental funds for rural areas, 40% minimum each for homeownership and rental activities.

Sets minimum affordability periods ranging from 5 to 20 years depending on project type and per-unit funding amount, with competitive application process administered by the Mississippi Home Corporation.