Committee weighs SB 2769 to create short-term revolving repair loans of up to $30,000

Chair introduced Senate Bill 2769 as a follow-up to the lieutenant governor's housing task force and described a proposed revolving loan fund administered with Mississippi Home Corp to help sellers make homes marketable. "This is a work in progress, so we have added a reverse repealer in this bill so that we can continue to work on it," the chair said. The program would offer loans up to $30,000, tied to a listing agreement and limited to a maximum that cannot exceed 85% of a broker price opinion (BPO)-based value after accounting for liens.

Senator Delano asked where initial funds would come from; the chair said funding would be "subject to appropriation" and that the bill does not specify an initial amount. Delano also asked whether the fund could be used to replace roofs older than 15 years; the chair confirmed roof replacement would be an eligible structural repair. The chair emphasized the bill is targeted at structural and functional improvements — "things like windows, doors, electrical boxes, foundation, roof, HVAC" — not merely cosmetic fixes. Mister Boyd asked whether homeowners must have a minimum equity percentage; the chair said the loan structure prevents total liens from exceeding 85% of the home's value and that the maximum loan amount is constrained accordingly.

The chair said the program would require a licensed, insured contractor estimate for the needed repairs and a listing agreement to ensure the home is placed on the market. Senator Delano suggested coordinating with the Department of Insurance mitigation programs to ensure repairs are recognized by insurers. After questions and discussion the chair moved adoption of the committee substitute; the committee approved the motion by voice vote and reported SB 2769 out of committee.