MS HB1562

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

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

Dedicates $500,000 annually from gaming control fees to the trust fund beginning January 1, 2016, with amounts allocated for capacity building grants (5%), administrative costs (up to 5% or $400,000), and affordable housing projects.

Requires annual income targeting of at least 60% of funds for very low-income persons (with 55% of that for extremely low-income persons), 55% for rural areas, and 40% each for home ownership and rental activities.

Sets minimum affordability periods of 5-15 years based on per-unit trust fund expenditure amounts, with awards made through competitive application process scored on criteria including developer capability, leveraged funds, extremely low-income unit percentages, and long-term affordability enforcement.