Housing (Affordable Housing)

HB 1469 reorganizes existing Mississippi law (Section 27-35-50) that governs how property values are determined for ad valorem taxation. It specifies that tax assessors must consider different valuation methods (like market data, income capitalization, or cost approaches) based on property type, with special rules for agricultural land (using current use and soil productivity), affordable rental housing (based on net operating income), and port ground leases. The bill directly affects property owners, tax assessors, and local governments by standardizing valuation procedures without changing tax rates. It did not create new taxes but clarified how property values - especially for farms and affordable housing - are calculated for tax purposes.

HB 977 provides $1 million in state funding to Sharkey County's Board of Supervisors to develop a regional housing recovery strategy. The funds will cover costs associated with restoring housing levels to pre-2023 tornado conditions and planning for workforce housing needs driven by new businesses and industry. This strategy requires collaboration with federal and state partners and applies specifically to Sharkey County for the 2025-2026 fiscal year. The bill directs the State Treasurer to disburse funds upon proper requisitions and takes effect July 1, 2025.

HB 505 creates the Mississippi Special Needs Housing Steering Council to develop and oversee a new state housing program. The council, composed of state agency leaders and community advocates (including a resident representative), will assist the Mississippi Home Corporation in designing housing solutions for individuals with mental illness, developmental disabilities, and other special needs populations - such as formerly incarcerated persons, people with HIV/AIDS, or homeless families - as defined by the council. Key provisions require the program to provide bridge funding and community-integrated housing, with funding sourced from the Mississippi Affordable Housing Development Fund or a dedicated sustainable source. The bill establishes a formal structure for coordination but does not directly change existing housing laws or funding levels.

SB 2253, the Mississippi Workforce Housing Tax Credit Act, would create a state tax credit against Mississippi income, franchise, or insurance premium tax for investors in workforce housing projects meeting federal housing credit standards (Section 42 of the IRS Code). The credit would be administered by the Mississippi Home Corporation, capped at $4 million annually, and could not exceed federal housing tax credits for a project. Unused credits could be carried forward for five years, and projects must be completed after July 1, 2025. The bill died in committee on February 26, 2025, and was never enacted.