MS HB1247

Establishes a revolving loan program administered by the Mississippi Home Corporation to provide low-interest loans to qualified individuals, with a maximum of $1,500 per loan.

Creates a "Low Interest Revolving Loan Fund" in the State Treasury that will be credited with all loan repayments and interest, with funds remaining in perpetuity and not reverting to the general fund.

Requires the Mississippi Home Corporation to establish an office in each of the state's four congressional districts to receive loan applications and to determine applicant qualifications and loan repayment procedures.

Provides initial funding of $6,000,000 from the State General Fund, with transfers of $2,000,000 in each fiscal year 2022, 2023, and 2024.

Requires borrowers to establish a dedicated employment income source for repayment and mandates monthly loan repayment schedules with full repayment due within one year.