MS HB1159

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 to eligible applicants in the ten poorest counties in Mississippi.

Establishes eligibility requirements including: residence in a targeted county, age 65+ or legally disabled or employed for 2 years, property ownership, household income not exceeding $30,000 annually, and rejection from conventional financing in the preceding 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with principal and interest payable from a dedicated 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 fees remitted to the Mississippi Development Authority for the bond sinking fund.

Creates the Housing Loan Assistance Fund to hold bond proceeds and other funds, with unexpended amounts rolling forward each fiscal year and investment earnings deposited back to the fund.