MS HB130

Creates the Mississippi Affordable Housing Trust Fund within the State Treasury to provide loans, grants, and other assistance for affordable housing development, rehabilitation, preservation, rental assistance, and down payment assistance for low-income individuals and families

Establishes an 11-member Oversight Board appointed by the Governor (4), Lieutenant Governor (4), and Attorney General (3) to approve rules, oversee fund management, and approve awards to applicants

Requires at least 60% of funds benefit very low-income persons (≤50% area median income), with 55% of that amount for extremely low-income persons (≤30% area median income); at least 55% must benefit rural areas

Funds the trust through gaming revenue by redirecting $500,000 monthly from fees collected under the Gaming Control Act, beginning July 1, 2017

Limits administrative costs to 5% of fund monies or $400,000 annually, whichever is less, and allows up to 5% for capacity building grants to nonprofit organizations and local governments