MS HB1477

Creates the Mississippi Affordable Housing Trust Fund administered by the Mississippi Development Authority to assist development, rehabilitation, and preservation of affordable housing for low-income individuals and families.

Establishes an 11-member Management Board appointed by the Governor (8 members) and Attorney General (3 members) to approve fund rules, oversee management, and approve awards to applicants based on MDA recommendations.

Requires that at least 60% of funds benefit very low-income persons, 55% of rural areas, and 40% each for home ownership and rental activities, with affordability periods ranging from 5-20 years depending on project type and per-unit fund amount.

Directs the Department of Revenue to deposit $500,000 annually from gaming control fees into the trust fund, effective July 1, 2013, with additional funding from loan repayments, grants, gifts, and investment earnings.

Creates a 10-member joint legislative Oversight Committee in an advisory capacity only, and allows 5% of annual funds for capacity building grants to nonprofits and local governments to expand affordable housing services.