House Bill 1272

AN ACT TO PROVIDE THAT THE DEPARTMENT OF FINANCE AND ADMINISTRATION SHALL DEVELOP THE HOMETOWN HEROES HOME LOAN GUARANTY PROGRAM TO PROVIDE LOAN GUARANTIES ON BEHALF OF CERTAIN FIREFIGHTERS, LAW ENFORCEMENT OFFICERS, NURSES AND TEACHERS FOR THE PURPOSE OF ASSISTING SUCH INDIVIDUALS IN OBTAINING CONVENTIONAL FINANCING FOR THE PURCHASE OF RESIDENTIAL PROPERTY THAT IS TO BE THE PRIMARY HOME AND RESIDENCE OF SUCH AN INDIVIDUAL AND FOR WHICH THE INDIVIDUAL CERTIFIES TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION THAT HE OR SHE INTENDS TO FILE AN APPLICATION FOR HOMESTEAD EXEMPTION UNDER THE STATE HOMESTEAD EXEMPTION LAW; TO CREATE THE "HOMETOWN HEROES HOME LOAN GUARANTY FUND" AS A SPECIAL FUND IN THE STATE TREASURY WHICH SHALL BE ADMINISTERED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION FOR THE PURPOSE OF PROVIDING LOAN GUARANTIES UNDER THIS ACT; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) As used in this section, the following words and phrases shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Eligible individual" means any individual who is employed as a firefighter, law enforcement officer, registered nurse and/or teacher, and who has been continuously employed in such capacity and/or any combination of such capacities for not less than four (4) years immediately preceding the date the individual submits an application for a loan guaranty under this section.

(b) "Firefighter" means any firefighter who is employed by the State of Mississippi, or any political subdivision thereof, on a full-time duty status.

(c) "Law enforcement officer" means any officer who has been certified by the Mississippi Board on Law Enforcement Officer Standards and Training and is employed by the State of Mississippi, or any political subdivision thereof, on a full-time duty status.

(d) "Registered nurse" means and has the same definition as such term has in Section 73-15-5, Mississippi Code of 1972.

(e) "Teacher" means an individual who is employed full time as a school teacher and not as an administrator.

(2) The Department of Finance and Administration shall develop a program to be known as the Hometown Heroes Home Loan Guaranty Program to provide loan guaranties on behalf of eligible individuals for the purpose of assisting such individuals with obtaining conventional financing for the purchase of residential property that is to be the home and primary residence of the eligible individual and for which the individual certifies to the department that he or she intends to file an application for homestead exemption under Section 27-33-31, Mississippi Code of 1972. An eligible individual desiring assistance under this section must submit an application to the Department of Finance and Administration. The application must contain verification of the eligible individual's employment and any other information requested by the department.

(3) There is created in the State Treasury a special fund, to be designated as the "Hometown Heroes Home Loan Guaranty Fund", which shall consist of funds appropriated or otherwise made available by the Legislature. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund. Monies in the fund shall be disbursed by the Department of Finance and Administration, upon appropriation by the Legislature, in the discretion of the Department of Finance and Administration, to provide funds for the purposes described in this section.

(4) The Department of Finance and Administration shall have all powers necessary to implement and administer the program established under this section, and the Department of Finance and Administration shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

SECTION 2. This act shall take effect and be in force from and after July 1, 2024.