MS HB8

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

Establishes eligibility requirements including: applicant must be age 65+, legally disabled, or employed for preceding 2 years; have household income not exceeding $30,000 annually; own the property; and have been denied conventional financing in the prior 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the Housing Loan Assistance Fund, with principal and interest payable from a new Housing Loan Assistance Bond Sinking Fund.

Amends Mississippi Code Section 25-7-9 to add a $3.00 fee to each deed recording and $3.00 fee to each deed of trust recording, with chancery clerks remitting these fees to the Mississippi Development Authority for the bond sinking fund.

Takes effect upon passage.