House Bill 78 Summary

• Establishes Housing Loan Assistance Pilot Program administered by Mississippi Development Authority to provide 1% interest rate loans for home repair or construction in the ten poorest counties in the state.

• Requires loan applicants to be at least 65 years old, legally disabled, or employed for 2 years; own the property; have household income not exceeding $30,000 annually; and have been denied conventional financing within the preceding 12 months.

• Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with principal and interest payable primarily from Housing Loan Assistance Bond Sinking Fund.

• Creates new $3.00 recording fees for deeds and deeds of trust (effective through December 31, 2027) to be collected by chancery clerks and remitted to the Mississippi Development Authority for bond sinking fund deposits.

• Bonds are general obligations backed by full faith and credit of the state; law becomes effective July 1, 2024.