MS HB1598

Establishes the Housing Loan Assistance Pilot Program administered by the Mississippi Development Authority to provide 1% interest rate loans for home repair or construction in the state's ten poorest counties.

Sets borrower eligibility requirements: residents of poorest counties aged 65+, legally disabled, or employed for 2 years; household income not exceeding $30,000 annually; property ownership; and rejection of conventional loans in preceding 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds with proceeds deposited into the Housing Loan Assistance Fund, with principal and interest payable primarily from the Housing Loan Assistance Bond Sinking Fund.

Amends Section 25-7-9 to add $3 fees to each recording of deeds and deeds of trust, with fees remitted by chancery clerks to the Mississippi Development Authority for the bond sinking fund.

Bonds are general obligations of Mississippi with full faith and credit pledged; any shortfall in sinking fund payments covered by State Treasurer from general funds; bonds exempt from state taxation.