The Legislature created the Mississippi Housing Finance Corporation (MHFC) to “finance the acquisition, construction, rehabilitation and improvement of residential housing for persons of low and moderate income within the state.” Although MHFC has done a good job of financing its operations and mortgage loan programs through the issuance of tax-exempt bonds, the program could have addressed more low- and moderate-income people. MHFC made 51 percent of its loans to residents whose adjusted gross incomes exceeded low and moderate levels. In addition, more than three-fourths of all MHFC mortgagors purchased houses with sales prices higher than the state adjusted median.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.