MS HB196

Creates the Mississippi Affordable Housing Opportunity Fund to assist extremely low-income to moderate-income persons in accessing affordable rental and home ownership housing through development, rehabilitation, and preservation activities.

Dedicates 2.5% of sales taxes collected on lumber and building materials to fund the Housing Opportunity Fund, along with loan repayments, investment income, and other sources.

Requires at least 60% of fund distributions to benefit low-income individuals or families and at least 15% to benefit extremely low-income individuals or families, with at least 55% of funds benefiting rural areas.

Establishes a minimum 15-year affordability period for all housing projects financed by the fund and creates an 11-member Advisory Council to provide recommendations on fund operations and policies.

Authorizes Mississippi Home Corporation to manage the fund, conduct competitive application processes, establish program rules, and coordinate with other state and federal housing programs; limits administrative costs to $400,000 annually or 8% of fund distributions, whichever is less.