MS HB224

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, and related support services.

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

Dedicates $500,000 monthly from gaming control act revenues to the trust fund, with income targeting requirements: at least 60% to very low-income persons (55% of that to extremely low-income), 55% to rural areas, and 40% each to home ownership and rental activities.

Sets minimum affordability periods of 5-15 years based on per-unit funding amounts, with rental properties requiring annual income verification and home ownership properties having deed restrictions on buyer income levels.

Permits up to 5% of annual trust fund monies for capacity-building grants to nonprofit organizations and up to 5% or $400,000 annually for administrative costs.