Housing repair grant program; authorize issuance of bonds to provide funds for grants to low income individuals for home repairs.

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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Clark

HOUSE BILL NO. 248

AN ACT TO ESTABLISH A HOUSING REPAIR GRANT PROGRAM TO PROVIDE 1
GRANTS TO CERTAIN LOW INCOME INDIVIDUALS TO MAKE SIGNIFICANT 2
REPAIRS TO THEIR HOMES; TO PROVIDE THAT THE DEPARTMENT OF FINANCE 3
AND ADMINISTRATION SHALL ADMINISTER THE GRANT PROGRAM; TO PROVIDE 4
THE MAXIMUM AMOUNT OF A GRANT AUTHORIZED UNDER THE PROGRAM; TO 5
PRESCRIBE THE REQUIREMENTS TO BE ELIGIBLE FOR A GRANT UNDER THE 6
PROGRAM; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE 7
KNOWN AS THE "MISSISSIPPI HOUSING REPAIR GRANT FUND", WHICH SHALL 8
BE USED FOR THE PROGRAM; TO AUTHORIZE THE ISSUANCE OF 9
$50,000,000.00 OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE 10
OF PROVIDING FUNDS FOR THE PROGRAM; AND FOR RELATED PURPOSES. 11
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 12
SECTION 1. (1) The Department of Finance and Administration 13
shall establish a housing repair grant program to provide grants 14
to low income individuals to make significant repairs to their 15
homes. 16
(2) The amount of a grant made under this section shall not 17
exceed Twenty-five Thousand Dollars ($25,000.00) per household or 18
the cost of repairing the home, whichever is less. To be eligible 19
for a grant under this section, an applicant must: 20
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(a) Have at least a fifty percent (50%) ownership 21
interest in a home that is the primary homestead of the applicant 22
and that is in need of significant repairs; 23
(b) Be sixty-two (62) years of age or older or be 24
disabled as determined by the Social Security Administration; and 25
(c) Have an annual income of not more than Twelve 26
Thousand Dollars ($12,000.00) for a household of one (1) person, 27
or an annual income of not more than Sixteen Thousand Dollars 28
($16,000.00) for a household of two (2) or more persons. 29
(3) In order to receive a grant under this section, an 30
individual must submit an application to the Department of Finance 31
and Administration. The application must include a description of 32
the repairs that the individual intends to make to the home, the 33
estimated cost of the repairs and any other information required 34
by the Department of Finance and Administration. 35
(4) The Department of Finance and Administration shall have 36
all powers necessary to implement and administer the grant program 37
established under this section, and the Department of Finance and 38
Administration shall promulgate rules and regulations, in 39
accordance with the Mississippi Administrative Procedures Law, 40
necessary for the implementation of this section. 41
(5) There is created in the State Treasury a special fund to 42
be designated as the "Mississippi Housing Repair Grant Fund", 43
which shall consist of funds made available by the Legislature in 44
any manner and funds from any other source designated for deposit 45
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into the fund. Unexpended amounts remaining in the fund at the 46
end of a fiscal year shall not lapse into the State General Fund, 47
and any investment earnings or interest earned on amounts in the 48
fund shall be deposited to the credit of the fund. Monies in the 49
fund shall be used by the Department of Finance and Administration 50
for the purposes described in this section. 51
(6) For the purpose of making grants under this section, the 52
Department of Finance and Administration shall allocate the monies 53
in the Mississippi Housing Repair Grant Fund among the State of 54
Mississippi's four (4) congressional districts as follows: The 55
proportion of the monies in the fund that are available for grants 56
in each congressional district shall be equal to the ratio that 57
the number of persons residing in that district whose income is 58
below the federal poverty level bears to the total number of 59
persons residing in the state whose income is below the federal 60
poverty level. 61
SECTION 2. (1) As used in this section, the following words 62
shall have the meanings ascribed herein unless the context clearly 63
requires otherwise: 64
(a) "Accreted value" of any bond means, as of any date 65
of computation, an amount equal to the sum of (i) the stated 66
initial value of such bond, plus (ii) the interest accrued thereon 67
from the issue date to the date of computation at the rate, 68
compounded semiannually, that is necessary to produce the 69
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approximate yield to maturity shown for bonds of the same 70
maturity. 71
(b) "State" means the State of Mississippi. 72
(c) "Commission" means the State Bond Commission. 73
(2) (a) The commission, at one time, or from time to time, 74
may declare by resolution the necessity for issuance of general 75
obligation bonds of the State of Mississippi to provide funds for 76
the grant program authorized in Section 1 of this act. Upon the 77
adoption of a resolution by the Department of Finance and 78
Administration, declaring the necessity for the issuance of any 79
part or all of the general obligation bonds authorized by this 80
subsection, the department shall deliver a certified copy of its 81
resolution or resolutions to the commission. Upon receipt of such 82
resolution, the commission, in its discretion, may act as the 83
issuing agent, prescribe the form of the bonds, determine the 84
appropriate method for sale of the bonds, advertise for and accept 85
bids or negotiate the sale of the bonds, issue and sell the bonds 86
so authorized to be sold and do any and all other things necessary 87
and advisable in connection with the issuance and sale of such 88
bonds. The total amount of bonds issued under this section shall 89
not exceed Fifty Million Dollars ($50,000,000.00). 90
(b) Any investment earnings on amounts deposited into 91
the special fund created in Section 1 of this act shall be used to 92
pay debt service on bonds issued under this section, in accordance 93
with the proceedings authorizing issuance of such bonds. 94
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(3) The principal of and interest on the bonds authorized 95
under this section shall be payable in the manner provided in this 96
subsection. Such bonds shall bear such date or dates, be in such 97
denomination or denominations, bear interest at such rate or rates 98
(not to exceed the limits set forth in Section 75-17-101, 99
Mississippi Code of 1972), be payable at such place or places 100
within or without the State of Mississippi, shall mature 101
absolutely at such time or times not to exceed twenty-five (25) 102
years from date of issue, be redeemable before maturity at such 103
time or times and upon such terms, with or without premium, shall 104
bear such registration privileges, and shall be substantially in 105
such form, all as shall be determined by resolution of the 106
commission. 107
(4) The bonds authorized by this section shall be signed by 108
the chairman of the commission, or by his facsimile signature, and 109
the official seal of the commission shall be affixed thereto, 110
attested by the secretary of the commission. The interest 111
coupons, if any, to be attached to such bonds may be executed by 112
the facsimile signatures of such officers. Whenever any such 113
bonds shall have been signed by the officials designated to sign 114
the bonds who were in office at the time of such signing but who 115
may have ceased to be such officers before the sale and delivery 116
of such bonds, or who may not have been in office on the date such 117
bonds may bear, the signatures of such officers upon such bonds 118
and coupons shall nevertheless be valid and sufficient for all 119
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purposes and have the same effect as if the person so officially 120
signing such bonds had remained in office until their delivery to 121
the purchaser, or had been in office on the date such bonds may 122
bear. However, notwithstanding anything herein to the contrary, 123
such bonds may be issued as provided in the Registered Bond Act of 124
the State of Mississippi. 125
(5) All bonds and interest coupons issued under the 126
provisions of this section have all the qualities and incidents of 127
negotiable instruments under the provisions of the Uniform 128
Commercial Code, and in exercising the powers granted by this 129
section, the commission shall not be required to and need not 130
comply with the provisions of the Uniform Commercial Code. 131
(6) The commission shall act as the issuing agent for the 132
bonds authorized under this section, prescribe the form of the 133
bonds, determine the appropriate method for sale of the bonds, 134
advertise for and accept bids or negotiate the sale of the bonds, 135
issue and sell the bonds so authorized to be sold, pay all fees 136
and costs incurred in such issuance and sale, and do any and all 137
other things necessary and advisable in connection with the 138
issuance and sale of such bonds. The commission is authorized and 139
empowered to pay the costs that are incident to the sale, issuance 140
and delivery of the bonds authorized under this section from the 141
proceeds derived from the sale of such bonds. The commission may 142
sell such bonds on sealed bids at public sale or may negotiate the 143
sale of the bonds for such price as it may determine to be for the 144
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best interest of the State of Mississippi. All interest accruing 145
on such bonds so issued shall be payable semiannually or annually. 146
If such bonds are sold by sealed bids at public sale, notice 147
of the sale of any such bonds shall be published at least one 148
time, not less than ten (10) days before the date of sale, and 149
shall be so published in one or more newspapers published or 150
having a general circulation in the City of Jackson, Mississippi, 151
to be selected by the commission. 152
The commission, when issuing any bonds under the authority of 153
this section, may provide that bonds, at the option of the State 154
of Mississippi, may be called in for payment and redemption at the 155
call price named therein and accrued interest on such date or 156
dates named therein. 157
(7) The bonds issued under the provisions of this section 158
are general obligations of the State of Mississippi, and for the 159
payment thereof the full faith and credit of the State of 160
Mississippi is irrevocably pledged. If the funds appropriated by 161
the Legislature are insufficient to pay the principal of and the 162
interest on such bonds as they become due, then the deficiency 163
shall be paid by the State Treasurer from any funds in the State 164
Treasury not otherwise appropriated. All such bonds shall contain 165
recitals on their faces substantially covering the provisions of 166
this subsection. 167
(8) Upon the issuance and sale of bonds under the provisions 168
of this section, the commission shall transfer the proceeds of any 169
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such sale or sales to the special fund created in Section 1 of 170
this act. The proceeds of such bonds shall be disbursed solely 171
upon the order of the Department of Finance and Administration 172
under such restrictions, if any, as may be contained in the 173
resolution providing for the issuance of the bonds. 174
(9) The bonds authorized under this section may be issued 175
without any other proceedings or the happening of any other 176
conditions or things other than those proceedings, conditions and 177
things which are specified or required by this section. Any 178
resolution providing for the issuance of bonds under the 179
provisions of this section shall become effective immediately upon 180
its adoption by the commission, and any such resolution may be 181
adopted at any regular or special meeting of the commission by a 182
majority of its members. 183
(10) The bonds authorized under the authority of this 184
section may be validated in the Chancery Court of the First 185
Judicial District of Hinds County, Mississippi, in the manner and 186
with the force and effect provided by Chapter 13, Title 31, 187
Mississippi Code of 1972, for the validation of county, municipal, 188
school district and other bonds. The notice to taxpayers required 189
by such statutes shall be published in a newspaper published or 190
having a general circulation in the City of Jackson, Mississippi. 191
(11) Any holder of bonds issued under the provisions of this 192
section or of any of the interest coupons pertaining thereto may, 193
either at law or in equity, by suit, action, mandamus or other 194
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proceeding, protect and enforce any and all rights granted under 195
this section, or under such resolution, and may enforce and compel 196
performance of all duties required by this section to be 197
performed, in order to provide for the payment of bonds and 198
interest thereon. 199
(12) All bonds issued under the provisions of this section 200
shall be legal investments for trustees and other fiduciaries, and 201
for savings banks, trust companies and insurance companies 202
organized under the laws of the State of Mississippi, and such 203
bonds shall be legal securities which may be deposited with and 204
shall be received by all public officers and bodies of this state 205
and all municipalities and political subdivisions for the purpose 206
of securing the deposit of public funds. 207
(13) Bonds issued under the provisions of this section and 208
income therefrom shall be exempt from all taxation in the State of 209
Mississippi. 210
(14) The proceeds of the bonds issued under this section 211
shall be used solely for the purposes herein provided, including 212
the costs incident to the issuance and sale of such bonds. 213
(15) The State Treasurer is authorized, without further 214
process of law, to certify to the Department of Finance and 215
Administration the necessity for warrants, and the Department of 216
Finance and Administration is authorized and directed to issue 217
such warrants, in such amounts as may be necessary to pay when due 218
the principal of, premium, if any, and interest on, or the 219
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ST: Housing repair grant program; authorize
issuance of bonds to provide funds for grants to
low income individuals for home repairs.
accreted value of, all bonds issued under this section; and the 220
State Treasurer shall forward the necessary amount to the 221
designated place or places of payment of such bonds in ample time 222
to discharge such bonds, or the interest thereon, on the due dates 223
thereof. 224
(16) This section shall be deemed to be full and complete 225
authority for the exercise of the powers herein granted, but this 226
section shall not be deemed to repeal or to be in derogation of 227
any existing law of this state. 228
SECTION 3. This act shall take effect and be in force from 229
and after July 1, 2026. 230