MS HB250

Creates Housing Loan Assistance Pilot Program administered by Mississippi Development Authority to provide 1% interest loans for home repair or construction to eligible individuals in the ten poorest counties in Mississippi.

Establishes eligibility requirements: applicant must be age 65+, legally disabled, or employed for preceding 2 years; own the property; have household income not exceeding $30,000 annually; and have been rejected for conventional financing in prior 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with debt service paid primarily from a dedicated bond sinking fund.

Amends Mississippi Code Section 25-7-9 to add $3 fee for recording deeds and $3 fee for recording deeds of trust, with revenues remitted to Mississippi Development Authority for the bond sinking fund.

Takes effect July 1, 2021.