Affordable Housing Trust Fund Bills Introduced
Senate Housing Chairman, Hillman Frazier, introduced SB 2610 this week in efforts to create an affordable housing trust fund. The Fund would be administered by the Mississippi Home Corporation. Funding for the program calls for 2.5% of all taxes collected by the Department of Revenue on lumber and building material go into a housing account at the Home Corporation.
The purpose of the Fund is to assist extremely low-income to moderate-income persons in accessing affordable rental and home ownership housing, to provide for the development, rehabilitation and preservation of decent, safe and affordable housing for extremely low-income to moderate-income persons, and revitalize distressed neighborhoods and build healthy, vibrant communities.
Senator John Horhn and Representative John Hines have similar bills, SB 2241 and HB 1107, with the same goals to create a Fund to help with affordable housing. Senator Horhn's bill has the administration of the Fund going to the Mississippi Development Authority. Senator Horhn's bill calls for the State of Mississippi to put $3.5 million in state revenues to fund the program.
Both senate bills have been double referred to the Senate Housing and Finance Committee. The House bill has been referred to Ways and Means.
