MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Finance

By: Senator(s) Farris

AN ACT TO AMEND SECTION 43-33-727, MISSISSIPPI CODE OF 1972, TO REQUIRE THE MISSISSIPPI HOME CORPORATION TO ANNUALLY SUBMIT TO THE MISSISSIPPI HOME CORPORATION OVERSIGHT COMMITTEE A STUDY DESIGNED 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 DIFFICULT TO DEVELOP; TO REQUIRE THE MISSISSIPPI HOME CORPORATION TO MAKE A REPORT TO THE MISSISSIPPI HOME CORPORATION OVERSIGHT COMMITTEE ON APPLICATIONS FOR THE LOW- INCOME HOUSING TAX CREDIT PROGRAM; 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) By December 15 of each year, the Mississippi Home Corporation shall develop and transmit to the Mississippi Home Corporation Oversight Committee:

(a) A study to inform the Legislature of methods to encourage the development of low-income housing in those areas of the state in which such housing has been most difficult to develop; and

(b) A complete report of all activity in the low-income housing tax credit program, which shall include, but not be limited to, (i) all applications for low-income housing tax credits, (ii) the action taken on each application, (iii) the reason such action was taken, (iv) an analysis, by county, of the number of low-income rental housing units constructed, (v) the total number of housing units in each county, and (vi) the amount of substandard housing units in each county.

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