Mississippi2026Enacted

HB1648

Gulf Coast Restoration Revolving Loan Program

Last scannedAug 22, 2026, 3:37 AM

In one sentence

This law creates a new loan program to fund eligible projects in the Gulf Coast region using money that is repaid and reused.

Establishes the Gulf Coast Restoration Revolving Loan Program for eligible applicants and projects.
Creates a special account called the Gulf Coast Restoration Revolving Loan Program Fund in the State Treasury.
Requires the Legislature to approve specific projects through separate line items before loans are given out.
Sets a maximum interest rate of 3.5% per year on all loans made under this program.
Allows loan repayments and earned interest to be put back into the fund for future use.

Eligible applicants who meet requirements set by the Gulf Coast Restoration Fund (GCRF).
The Department of Finance and Administration, which helps manage the program.
The South Mississippi Planning and Development District, which handles loan distribution and collection.

The bill does not specify which exact projects will receive loans until the Legislature approves them in an appropriation bill.
The total amount of money available for this program is not stated and depends on future funding decisions by the Legislature.
The specific rules and procedures for applying are not listed yet because they must be created later by the Department.

Plain language

Revolving Fund: A special account where money is lent out and then repaid so it can be used again for new loans.
Eligible Applicant: An applicant who meets the requirements to receive assistance from the Gulf Coast Restoration Fund (GCRF).
Appropriation Bill: A law passed by the Legislature that sets aside specific amounts of money for certain projects.

Official record

Validated

Gulf Coast Restoration Revolving Loan Program; establish.

Official activity