Housing Loan Assistance Pilot Program; create and authorize issuance of bonds to provide funds for.

HB 431 creates a pilot program providing low-interest loans (1% annual interest) to homeowners in Mississippi's 10 poorest counties, as defined by U.S. Census data. Eligible applicants must have a household income under $30,000 annually, own the property they wish to repair or build on, and have been denied conventional loans in the past year. The program is funded by $3 million in state bonds, repaid through new fees collected when recording property deeds and deeds of trust, which will be deposited into a dedicated sinking fund. The Mississippi Development Authority will administer the program and establish rules for implementation.