MS HB380

Establishes a Housing Loan Assistance Pilot Program administered by the Mississippi Development Authority providing loans at 1% annual interest to repair or construct homes for eligible residents.

Requires loan applicants to be residents of one of the ten poorest counties in Mississippi, at least 65 years old or legally disabled or employed for two years, own the property, have household income not exceeding $30,000 annually, and have been rejected for conventional financing in the preceding twelve months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with proceeds deposited into the Housing Loan Assistance Fund.

Creates the Housing Loan Assistance Bond Sinking Fund to pay principal and interest on bonds, funded primarily by a $3 fee added to each deed and deed of trust recording collected by chancery clerks and remitted to the Mississippi Development Authority.

Bond repayment is backed by the full faith and credit of the State of Mississippi, with any deficit paid from general state funds if the sinking fund is insufficient.