MS HB1697

Creates Housing Loan Assistance Pilot Program administered by Mississippi Development Authority to provide 1% interest loans for home repair or construction in the state's 10 poorest counties.

Establishes eligibility requirements: applicant must be age 65+, legally disabled, or employed for 2 years; own the property; have household income not exceeding $30,000 annually; and have been rejected for conventional financing in the preceding 12 months.

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

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

Bonds shall mature within 25 years, carry interest rates not exceeding limits in Section 75-17-101, and are backed by full faith and credit of the State of Mississippi with state treasury covering any funding shortfalls.