MS HB407

Establishes a housing repair grant program administered by the Department of Finance and Administration to provide grants to low-income individuals for significant home repairs, with a maximum grant of $25,000 per household.

Requires applicants to be at least 62 years old or disabled, own at least 50% of their primary home, and have annual income not exceeding $12,000 (one person) or $16,000 (two or more persons).

Creates the Mississippi Housing Repair Grant Fund in the State Treasury and authorizes issuance of up to $50,000,000 in state general obligation bonds to fund the program.

Allocates grant funds among the four congressional districts proportionally based on the number of persons in each district with income below the federal poverty level.

Takes effect July 1, 2016.