MS HB124

Establishes the Mississippi Affordable Housing Opportunity Fund to provide affordable rental and homeownership housing for extremely low-income to moderate-income individuals and families throughout the state.

Dedicates 2.5% of sales tax revenue collected on lumber and building materials to the fund, effective August 15, 2019, with fund also receiving loan repayments, investment income, and other contributions.

Creates an 11-member advisory council to recommend fund policies and operations, with members reflecting state demographics and demonstrating commitment to low-income housing needs.

Requires minimum 15-year affordability periods for funded housing projects and mandates that at least 60% of annual distributions benefit low-income individuals, at least 15% benefit extremely low-income individuals, and at least 55% benefit rural areas.

Authorizes Mississippi Home Corporation to manage the fund, establish competitive application processes, and coordinate with federal housing programs including HOME, CDBG, and Low-Income Housing Tax Credit programs.