MS HB941

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

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

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with bonds maturing no later than 25 years from issuance and bearing interest rates not to exceed statutory limits.

Creates the Housing Loan Assistance Bond Sinking Fund to pay principal and interest on bonds, funded primarily by adding a $3.00 fee to each deed and deed of trust recording collected by chancery clerks and remitted to the Mississippi Development Authority.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with proceeds used solely for the housing loan assistance program and incident costs.