House Bill 1247

AN ACT TO ESTABLISH A REVOLVING LOAN PROGRAM FOR THE PURPOSE OF PROVIDING LOW INTEREST LOANS TO QUALIFIED INDIVIDUALS; TO PROVIDE THAT THE PROGRAM WILL BE ADMINISTERED BY THE MISSISSIPPI HOME CORPORATION; TO PRESCRIBE THE POWERS AND DUTIES OF THE CORPORATION IN ADMINISTERING THE PROGRAM; TO REQUIRE THE CORPORATION TO ESTABLISH AN OFFICE IN EACH OF THE STATE'S FOUR CONGRESSIONAL DISTRICTS FOR THE PURPOSE OF RECEIVING APPLICATIONS UNDER THE PROGRAM; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE DESIGNATED THE "LOW INTEREST REVOLVING LOAN FUND"; TO PROVIDE THAT THE REVOLVING FUND WILL BE CREDITED WITH ALL REPAYMENTS OF PRINCIPAL AND INTEREST DERIVED FROM LOANS MADE FROM THE REVOLVING FUND; TO AUTHORIZE THE CORPORATION TO MAKE LOANS FROM THE REVOLVING FUND TO QUALIFIED INDIVIDUALS AS SET FORTH IN A LOAN AGREEMENT IN AN AMOUNT OF NOT MORE THAN $1,500.00 PER LOAN; TO PROVIDE THAT THE FUND SHALL CONSIST OF INITIAL TRANSFERS BY THE STATE FISCAL OFFICER OF SIX MILLION DOLLARS FROM THE STATE GENERAL FUND, WITH A TRANSFER OF TWO MILLION DOLLARS IN EACH OF THE FISCAL YEARS 2022, 2023 AND 2024; AND FOR RELATED PURPOSES.

In the House of Representatives

• Kabir Karriem

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 17 – Mar 3

1. Feb 17Referred to the House committee on Appropriations
2. Mar 3Died in committee in the House