MS HB1481

Creates the Housing Loan Assistance Pilot Program administered by the Mississippi Development Authority to provide loans at 1% annual interest for home repair or construction in the 10 poorest counties in Mississippi.

Establishes eligibility requirements including: residency in a poorest county, age 65+ or legally disabled or employed for 2 years, property ownership, household income not exceeding $30,000 annually, and prior rejection for conventional financing.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with bonds maturing within 25 years.

Creates the Housing Loan Assistance Bond Sinking Fund to pay principal and interest on the bonds, funded primarily by $3 additional fees on recording deeds and deeds of trust collected by chancery clerks.

Amends Section 25-7-9 of Mississippi Code to impose the $3 recording fees for deeds and deeds of trust, with all collected fees remitted to the Mississippi Development Authority for deposit into the bond sinking fund.