MS HB44

Establishes the Mississippi Affordable Housing Opportunity Fund to provide loans, grants, and assistance for affordable housing construction, rehabilitation, rental assistance, and down payment assistance for extremely low-income to moderate-income individuals and families

Funds the program by dedicating 2.5% of sales taxes collected on lumber and building materials, with deposits beginning August 15, 2021

Requires at least 60% of fund distributions to benefit low-income individuals (80% or below area median income) and at least 15% to benefit extremely low-income individuals (30% or below area median income)

Mandates at least 55% of funds benefit rural areas, limits administrative costs to 8% (capped at $400,000), and requires a minimum 15-year affordability period for all financed housing projects

Creates an 11-member Mississippi Affordable Housing Opportunity Fund Advisory Council to advise on fund operations, with Mississippi Home Corporation responsible for administering the competitive application process and annual reporting