Neighborhood Housing Rehabilitation Program; direct the Mississippi Home Corporation to establish using federal funds.

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To: Housing; Appropriations
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Simmons (12th)

SENATE BILL NO. 2253

AN ACT TO AUTHORIZE AND DIRECT THE MISSISSIPPI HOME 1
CORPORATION TO ESTABLISH A NEIGHBORHOOD HOUSING REHABILITATION 2
PROGRAM (NHRP) IN MUNICIPALITIES TO PRESERVE AND IMPROVE 3
OWNER-OCCUPIED PROPERTIES AND BRING PROPERTIES UP TO APPLICABLE 4
BUILDING CODES AND STANDARDS; TO DIRECT THE MISSISSIPPI HOME 5
CORPORATION TO ESTABLISH THIS PROGRAM IN COOPERATION WITH FEDERAL 6
AGENCY PROGRAMS WITH AVAILABLE FUNDS; TO CREATE THE NHRP SPECIAL 7
FUND IN THE STATE TREASURY; TO REQUIRE A REPORT TO THE 8
LEGISLATURE; TO AMEND SECTION 43-33-717, MISSISSIPPI CODE OF 1972, 9
TO CONFORM; AND FOR RELATED PURPOSES. 10
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 11
SECTION 1. (1) The Mississippi Home Corporation shall 12
establish a Neighborhood Housing Rehabilitation Program (NHRP) 13
under which municipalities can apply to offer financial assistance 14
to owner-occupied residents of Mississippi to correct health and 15
safety issues and to increase energy efficiency within their 16
properties. The Mississippi Home Corporation may use Federal 17
American Rescue Plan Act (ARPA) funds and Community Development 18
Block Grant (CDBG) funds from the United States Department of 19
Housing and Urban Development to finance the NHRP. Households 20
with incomes at or below fifty percent (50%) of the area median 21
income will receive priority for assistance. 22
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(2) The purpose of the NHRP is to preserve and improve 23
owner-occupied properties and to bring properties up to applicable 24
building codes and standards. Assistance provided shall 25
accomplish the following: (a) correct exterior and interior 26
deficiencies; make accessibility modifications; (b) correct health 27
and safety violations; improve weatherization and energy 28
conservation; (c) correct lead-based paint violations; (d) make 29
general improvements, including alterations, kitchen, bathroom, 30
accessibility modifications, carpeting, fencing and landscaping; 31
(e) provide rehabilitation services within any residential, 32
industrial, institutional or mixed-use neighborhood, including, 33
but not be limited to, those services which improve the ability of 34
property owners to enjoy a safer and more attractive neighborhood, 35
including street lighting, street cleaning, street maintenance and 36
parks. 37
(3) The Mississippi Home Corporation shall establish the 38
NHRP in cooperation with federal agency programs targeted to 39
neighborhood rehabilitation. 40
(4) There is created a special fund in the State Treasury to 41
be designated as the "Neighborhood Housing Rehabilitation Program 42
Fund," which shall be a revolving fund consisting of the federal 43
funds specified for expenditure under this act and any other 44
appropriations, grants or funds from any sources which are 45
available for expenditure by NHRP municipalities. The revolving 46
fund shall be maintained by the Mississippi Home Corporation for 47
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the purposes of this act. Unexpended amounts shall not lapse into 48
the State General Fund, and any interest earned on amounts in the 49
fund shall be deposited to the credit of the fund. 50
(5) The Mississippi Home Corporation shall, in each year of 51
the duration of the program, report to the Legislature on the 52
status of the program with recommendations for the addition of 53
eligible expenditures. 54
SECTION 2. Section 43-33-717, Mississippi Code of 1972, is 55
amended as follows: 56
43-33-717. (1) The corporation shall have all the powers 57
necessary or convenient to carry out and effectuate the purposes 58
and provisions of this article, including, but without limiting 59
the generality of the foregoing, the power: 60
(a) To make and alter bylaws for its organization and 61
internal management; 62
(b) To sue and be sued, have a seal and alter the same 63
at pleasure, and maintain an office at such place or places in the 64
state as it may determine; 65
(c) To appoint officers, agents and employees, 66
prescribe their duties and qualifications, and fix their 67
compensation; 68
(d) To acquire real or personal property, or any 69
interest therein, by purchase, exchange, gift, assignment, 70
transfer, foreclosure, lease, condemnation or otherwise, including 71
rights or easements; to hold, manage, operate or improve real or 72
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personal property; to sell, assign, exchange, lease, encumber, 73
mortgage or otherwise dispose of any real or personal property, or 74
any interest therein, or deed of trust or mortgage lien interest 75
owned by it or under its control, custody or in its possession and 76
release or relinquish any right, title, claim, lien, interest, 77
easement or demand however acquired, including any equity or right 78
of redemption in property foreclosed by it and to do any of the 79
foregoing by public sale; 80
(e) To make and execute agreements, contracts and other 81
instruments necessary or convenient to the exercise of the powers 82
and functions of the corporation under this article; 83
(f) To employ or contract with architects, engineers, 84
attorneys, accountants, financial experts and other advisors as 85
may be necessary in its judgment and to fix and pay their 86
compensation; 87
(g) To make and execute contracts for the 88
administration, servicing or collection of any mortgage loan and 89
pay the reasonable value of services rendered to the corporation 90
pursuant to such contracts; 91
(h) To contract for the employment of a financial 92
advisor, underwriting attorneys, trustees, paying agents, 93
depositories or any consultants retained in connection with the 94
issuance of any bonds or notes, including refunding bonds or notes 95
or dealing with the disposition of any proceeds thereof; 96
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(i) To issue negotiable bonds and notes and to provide 97
for the rights of the holders thereof; 98
(j) Subject to any agreement with bondholders or 99
noteholders, to sell any mortgage loans at public or private sale 100
at the fair market value for such a mortgage; and 101
(k) Subject to any agreement with bondholders and 102
noteholders, to make, alter or repeal such rules and regulations 103
with respect to the operations, properties and facilities of the 104
corporation as are necessary to carry out its functions and duties 105
in the administration of this article. 106
(2) The corporation shall also have the power: 107
(a) To make loans to mortgage lenders for the purpose 108
of: 109
(i) Making housing development mortgage loans to 110
qualified sponsors for low and moderate income rental or 111
residential housing; 112
(ii) Making loans to low and moderate income 113
purchasers of residential housing with preference to those who are 114
displaced from adequate housing as a result of a major disaster, 115
whether it be a man-made, technological or natural disaster, upon 116
a declaration by the Governor that a major disaster exists in the 117
state; 118
(b) To purchase from mortgage lenders any of the loans 119
enumerated in subparagraphs (i) and (ii); 120
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(c) To insure, reinsure or guarantee any of the types 121
of loans enumerated in subparagraphs (i) and (ii); and 122
(d) To make, in such amounts and upon such terms and 123
conditions as the corporation shall approve, temporary loans, 124
preconstruction loans, interim financing loans to any qualified 125
sponsor and permanent financing to any qualified sponsor of 126
multifamily housing. 127
(3) The corporation shall also have the power to make loans 128
from funds not otherwise encumbered by pledge or indenture to low 129
and moderate income persons for the following purposes: 130
(a) Purchasing, improving or rehabilitating existing 131
residential housing and occupied by the owners; and 132
(b) Making loans to qualified nonprofit sponsors, to 133
local housing authorities and to owners of residential housing for 134
the development, construction, purchase, rehabilitation, 135
weatherization or maintenance of residential housing. 136
(4) Using funds not otherwise encumbered by pledge or 137
indenture, the corporation may: 138
(a) Establish a rental assistance program; 139
(b) Provide such advisory consultation, training and 140
educational services as will assist in the planning, construction, 141
rehabilitation and operation of housing, including, but not 142
limited to, assistance in community development and organization, 143
home management and advisory services for residents, and in 144
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promotion of community organizations and local governments to 145
assist in developing housing; 146
(c) Encourage research and demonstration projects to 147
develop new and better methods for increasing the supply, types 148
and financing of housing and to receive and accept contributions, 149
grants or aid from any source, public or private, including, but 150
not limited to, the United States and this state, for carrying out 151
this purpose; 152
(d) Encourage and stimulate cooperatives and other 153
forms of housing with tenant participation; 154
(e) Promote innovative programs for homeownership, 155
including, but not limited to, lease-purchase programs, 156
employer-sponsored housing programs, tenant cooperatives and 157
nonprofit associations; 158
(f) Design and support programs to address special 159
needs groups including, but not limited to, handicapped, disabled, 160
elderly, homeless, HIV/AIDS carriers and families with children; 161
and 162
(g) Develop a comprehensive plan for, and engage in a 163
yearly planning process for, addressing the housing needs of low 164
and moderate income persons in Mississippi. 165
(5) The corporation also has the power: 166
(a) To procure, or require the procurement of, 167
insurance against any loss in connection with its operations, 168
including, without limitation, the repayment of any mortgage loan 169
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or loans, in such amounts and from such insurers, including the 170
federal government, as it may deem necessary or desirable, and to 171
pay any premiums therefor; 172
(b) Subject to any agreement with bondholders or 173
noteholders: (i) to renegotiate any loan in default; (ii) to 174
waive any default or consent to the modification of the terms of 175
any loan or agreement; (iii) to commence, prosecute and enforce a 176
judgment in any action or proceeding, including, without 177
limitation, a foreclosure proceeding, to protect or enforce any 178
right conferred upon it by law, mortgage loan agreement, contract 179
or other agreement; and (iv) in connection with any such 180
proceeding, to bid for and purchase the property or acquire or 181
take possession thereof and, in such event, complete, administer 182
and pay the principal of and interest on any obligations incurred 183
in connection with such property and dispose of and otherwise deal 184
with such property in such manner as the corporation may deem 185
advisable to protect its interest therein; 186
(c) To fix, revise, charge and collect fees and other 187
charges in connection with the making of loans, the purchasing of 188
mortgage loans, and any other services rendered by the 189
corporation; 190
(d) To arrange for guarantees of its bonds, notes or 191
other obligations by the federal government or by any private 192
insurer and to pay any premiums therefor; 193
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(e) Notwithstanding any law to the contrary, but 194
subject to any agreement with bondholders or noteholders, to 195
invest money of the corporation not required for immediate use, 196
including proceeds from the sale of any bonds or notes * * *: 197
(i) In obligations of any municipality or the 198
state or the United States of America; 199
(ii) In obligations the principal and interest of 200
which are guaranteed by the state or the United States of America; 201
(iii) In obligations of any corporation wholly 202
owned by the United States of America; 203
(iv) In obligations of any corporation sponsored 204
by the United States of America which are, or may become, eligible 205
as collateral for advances to member banks as determined by the 206
Board of Governors of the Federal Reserve System; 207
(v) In obligations of insurance firms or other 208
corporations whose investments are rated "A" or better by 209
recognized rating companies; 210
(vi) In certificates of deposit or time deposits 211
of qualified depositories of the state as approved by the State 212
Depository Commission, secured in such manner, if any, as the 213
corporation shall determine; 214
(vii) In contracts for the purchase and sale of 215
obligations of the type specified in * * * subparagraphs (i) 216
through (v) above; 217
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(viii) In repurchase agreements secured by 218
obligations specified in * * * subparagraphs (i) through (v) 219
above; and 220
(ix) In money market funds, the assets of which 221
are required to be invested in obligations specified in * * * 222
subparagraphs (i) through (vi) above; 223
(f) Subject to any agreement with bondholders or 224
noteholders, to purchase, and to agree to purchase, bonds or notes 225
of the corporation at a price not exceeding: (i) if the bonds or 226
notes are then redeemable, the redemption price then applicable 227
plus accrued interest to the date of purchase; or (ii) if the 228
bonds or notes are not then redeemable, the redemption price 229
applicable on the first date after such purchase upon which the 230
notes or bonds become subject to redemption at the option of the 231
corporation plus accrued interest to the date of purchase; 232
(g) Subject to the provisions of this article, to 233
contract for and to accept any gifts, grants or loans of funds or 234
property or financial or other aid in any form from federal, state 235
or local governments, private or public entities, or individuals; 236
(h) To enter into agreements or other transactions with 237
the federal or state government, any agency thereof or any 238
municipality in furtherance of the purposes of this article; to 239
operate and administer loan programs of the federal government, 240
the State of Mississippi, or any governmental agency thereof; and 241
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to operate and administer any program of housing assistance for 242
persons and families of low or moderate income, however funded; 243
(i) To establish a benevolent loan fund, housing 244
development fund, or such additional and further funds as may be 245
necessary and desirable to accomplish any corporate purpose or to 246
comply with the provisions of any agreement made by the 247
corporation or any resolution approved by the corporation. The 248
resolution establishing such a fund shall specify the source of 249
monies from which it shall be funded and the purposes for which 250
monies held in the fund shall be disbursed; 251
(j) In carrying out the provisions of this article, the 252
corporation shall cooperate with the housing authorities created 253
under Sections 43-33-1 through 43-33-69 and Sections 43-33-101 254
through 43-33-137, Mississippi Code of 1972; 255
(k) To accept letters of credit and other credit 256
facilities necessary to make loans authorized herein to repay 257
bonds or notes issued by the corporation; 258
(l) To do any and all things necessary or convenient to 259
carry out its purposes and exercise the powers given and granted 260
in this article * * *; and 261
(m) To establish a Neighborhood Housing Rehabilitation 262
Program (NHRP) for municipalities to preserve and improve 263
owner-occupied properties and bring properties up to applicable 264
building codes and standards pursuant to the provisions of Section 265
1 of this act. 266
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ST: Neighborhood Housing Rehabilitation
Program; direct the Mississippi Home Corporation
to establish using federal funds.
SECTION 3. This act shall take effect and be in force from 267
and after July 1, 2026. 268