MS HB258

Creates the Mississippi Affordable Housing Trust Fund administered by the Mississippi Development Authority to provide loans, grants, and other assistance for affordable housing development, rehabilitation, preservation, rental assistance, and down payment assistance for low-income persons.

Establishes an 11-member Oversight Board appointed by the Governor, Lieutenant Governor, and Attorney General with advice and consent of the Senate to approve rules, oversee fund management, and approve awards to applicants.

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

Sets minimum affordability periods ranging from 5 to 15 years depending on per-unit funding amounts, with annual rental verification and income restrictions recorded in property deeds for homeownership properties.

Dedicates $500,000 annually from gaming tax revenue to the trust fund beginning July 1, 2018, with administrative costs capped at 5% of annual funds or $400,000 maximum.