MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Ways and Means

By: Representative Bowles

AN ACT TO AMEND SECTION 43-33-727, MISSISSIPPI CODE OF 1972, TO REQUIRE THE MISSISSIPPI HOME CORPORATION TO PREPARE AN ANNUAL REPORT TO INFORM THE LEGISLATURE OF METHODS TO ENCOURAGE THE DEVELOPMENT OF LOW-INCOME HOUSING IN AREAS OF THE STATE IN WHICH SUCH HOUSING HAS BEEN MOST DIFFICULT TO DEVELOPMENT; TO REQUIRE THE MISSISSIPPI HOME CORPORATION TO PREPARE AN ANNUAL REPORT ON ACTIVITY OF THE CORPORATION'S LOW-INCOME HOUSING TAX CREDIT PROGRAM; TO REQUIRE THE MISSISSIPPI HOME CORPORATION TO SUBMIT SUCH REPORTS TO THE MISSISSIPPI HOME CORPORATION OVERSIGHT COMMITTEE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 43-33-727, Mississippi Code of 1972, is amended as follows:

43-33-727. (1) There is hereby created the Mississippi Home Corporation Oversight Committee. Such oversight committee shall consist of five (5) Senators appointed by the President of the Senate and five (5) Representatives appointed by the Speaker of the House of Representatives, who shall serve in an advisory capacity to the corporation. The members thereof shall report the actions of the corporation to the appropriate legislative committees. The oversight committee shall have no jurisdiction or vote on any matter within the jurisdiction of the corporation. When the Legislature is not in session, members shall be paid per diem and all actual and necessary expenses, including mileage expenses, from their respective contingent expense funds at the rate authorized for committee meetings when the Legislature is not in session; however, no per diem and expenses will be paid when the Legislature is in session. The terms of the members of the oversight committee shall expire at the end of their terms of office.

(2) The corporation shall prepare an annual report to inform the Legislature of methods to encourage the development of low-income housing in areas of the state in which such housing has been most difficult to development. The corporation shall also prepare an annual report describing all activity of the corporation's low-income housing tax credit program including, but not limited to, all applications for low-income housing tax credits and the action taken on each application along with the reason for such action, and an analysis of the number of low-income rental housing units constructed in each county during the reporting period, the total number of low-income housing units in each county and the number of substandard low-income housing units in each county. The corporation shall submit the reports required by this subsection (2) to the Mississippi Home Corporation Oversight Committee no later than December 15 of each year.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.