SB2241 Summary

• Creates the Mississippi Affordable Housing Trust Fund administered by the Mississippi Development Authority to provide loans, grants, and other assistance for affordable housing development, rehabilitation, and preservation.

• Establishes an 11-member Affordable Housing Trust Fund Oversight Board appointed by the Governor, Lieutenant Governor, and Attorney General to approve fund rules, oversee management, and approve awards to applicants.

• Requires annual funding allocations: at least 60% for very low-income persons (with 55% of that for extremely low-income), at least 55% for rural areas, at least 40% each for homeownership and rental activities.

• Deposits $500,000 annually into the trust fund from gaming tax revenues collected by the Department of Revenue starting July 1, 2014.

• Sets minimum affordability periods ranging from 5 to 20 years depending on the type of housing activity and amount of trust fund monies expended per unit.