MS HB431

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

Loan eligibility requires applicants to be residents of the ten poorest counties in Mississippi, at least 65 years old or legally disabled or employed for two preceding years, own the property, have household income not exceeding $30,000 annually, and have been rejected for conventional loans in the preceding 12 months.

Authorizes issuance of $3,000,000 in state general obligation bonds to fund the program, with bonds maturing within 25 years and bearing interest per Section 75-17-101.

Creates the Housing Loan Assistance Bond Sinking Fund to pay principal and interest on bonds, funded primarily by a $3.00 fee added to each deed and deed of trust recording at chancery clerk offices from January 1, 2024 through December 31, 2027.

Takes effect July 1, 2025.