MS HB40

Creates the Housing Loan Assistance Pilot Program administered by the Mississippi Development Authority to provide loans at 1% annual interest for home repair or construction in the state's 10 poorest counties.

Establishes eligibility requirements including residency in a qualifying county, age 65+ or legal disability or 2 years employment, property ownership, household income not exceeding $30,000 annually, and rejection of conventional financing in the preceding 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with proceeds deposited into the Housing Loan Assistance Fund.

Creates the Housing Loan Assistance Bond Sinking Fund to pay principal and interest on authorized bonds, funded primarily through $3 fees added to recording charges for deeds and deeds of trust collected by chancery clerks.

Amends Mississippi Code Section 25-7-9 to impose the additional $3 fees on each deed and deed of trust recording, with funds remitted to the Mississippi Development Authority for bond debt service.