ANNUAL REPORT

2019

People

   Purpose

       Promise

OUR MISSION

To enhance Mississippi ‘s long-term economic viability by financing safe, decent, affordable housing and helping working families build wealth.

There is no question that the need for affordable housing in Mississippi is tremendous. The state of Mississippi is constantly working to increase the quality and affordability of the housing stock available to low and moderate income Mississippians. Mississippi Home Corporation (MHC) was created by the Mississippi Home Corporation act of 1989 to address these housing needs.

MHC plays a critical role in these efforts working with the Governor, the Mississippi Legislature, the U.S. Congressional delegation, and others in the affordable housing industry to develop private and public partnerships throughout the state and nation to increase the awareness of Mississippi’s desperate need for affordable housing.

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30 YEARS OF MHC

Homeownership & Rental

13

1,079

1,706

1,489

663

3,154

1,193

889

1,048

1,566

MORTGAGES

Loan Amounts & Number of Loans Per Year

34,227

Total families MHC helped achieve homeownership

HOUSING TAX CREDITS

Allocated Amounts & Number of Units Per Year

694

1,123

1,162

1,217

557

4,184

704

763

990

878

1,859

46,567

Total units providing families with housing

$3,827,119,696

Total development costs 

2.6

Average Household Size

PEOPLE

What  Does Mississippi Look Like?

3,053,165

Population

KEY FACTS

$124,509

Median Home Value

1,150,020

Households

37.6

Median Age

1,272,507

Total Employees

98,327

Total Businesses

BUSINESS & EMPLOYMENT

EDUCATION (PERCENTAGES)

6.4%

Unemployment

Rate

PEOPLE

What  Does Mississippi Look Like?

$23,299

Per Capita Income

$43,962

Median Household Income

INCOME

$61,773

Median Net Worth

13.9%

Percent of Income for Mortgage

$6,689

Average Spent on Mortgage & Basics

MORTGAGE INDICATORS

POPULATION BY GENERATION

PEOPLE

What  Does Mississippi Look Like?

HOUSEHOLDS BY INCOME

Smallest Group: 

$200,000+ (2.7%)

Largest Group:

< $15,000 (17.3%)

*Bars show Mississippi's Deviation from the United States

PURPOSE

State of Affordable Housing

The Mississippi Home Corporation (MHC) completed a comprehensive statewide housing analysis for the United States Department of Housing and Urban Development in December 2019. As a recipient of HUD funding, MHC prepared a Regional Analysis of Impediments (AI) which by HUD definition involves two or more entities developing an AI together. MHC worked with 58 entities statewide and was the first state in the country to involve so many entities. As the lead agency, MHC coordinated partnerships with all the state’s six entitlement communities (Jackson, Hattiesburg, Pascagoula, Moss Point, Biloxi, and Gulfport), and all 50 of the state’s regional and local Public Housing Authorities. MHC conducted 36 Public Input Meetings across the state and received over 4,000 responses to the Fair Housing Survey. The AI identified high priority impediments found across the state which were used to set policy priorities and strategies for allocating HUD funds in the 2020-2025 Consolidated Plan for Housing and Community Development (located in the appendix of this document).  Each participating entity received an AI with data pertaining to its own service area.

HOUSING ANALYSIS SUMMARY

The following information comes from a variety of sources including the Department of Housing and Urban Development Community Housing Affordability Strategy, American Community Survey – Census Bureau, Mississippi Analysis of Impediments to Fair Housing Choice (AI), Bureau of Economic Analysis, Bureau of Justice Statistics, Point in Time Count of Mississippi – CoC, AFFH HUD, and the AI Fair Housing Survey.

PURPOSE

State of Affordable Housing

RECENT HOUSING TRENDS

• Mississippi has one of the lowest foreclosure rates in the nation.
• Mississippi is the 7th most affordable state in the country to purchase a home.
• Between 2015 and 2020, the statewide median value of owner-occupied housing units by value increased by 19.5%.
• Mississippi has one of the highest homeownership rates in the country.
• Many renters in Mississippi can afford to pay a mortgage in lieu of rent.
• 50,000 new single-family housing units were produced statewide between 2015 and 2020.
• 20,000 new multifamily housing units were produced statewide between 2015 and 2020.
• Mississippi has fewer low-income households in 2020 compared to 2015.
• Persons with disabilities tend to congregate in urban areas in order to access public transit.
• There is a continued need for permanent supportive housing for persons with disabilities.
• NIMBYism (Not In My Backyard) continues to be a challenge for new units, especially group homes.

MHC provided affordable housing for 2,600 households across the state in 2019. Homes were financed through our Single Family Programs in 72 counties. MHC assisted individuals facing possible foreclosure with our Home Saver program, using Hardest Hit Funds, in 50 counties. MHC’s Housing Tax Credit Program proved to be a boost to Mississippi’s economy producing 992 jobs and $40.4 million in wages for working families.

PROMISE

Enhancing Mississippian's Lives 2019

Hardest Hit Funds

Single Family Programs

Both

<30%

AMI

• Housing Opportunities for Persons With AIDS (HOPWA)
• Creating Housing Options In Communities for Everyone (CHOICE)
• Emergency Solutions Grant (ESG)
• Housing Trust Fund (HTF) 

• HOME Rental
• Housing Tax Credits (HTC)

<60%

AMI

<80%

AMI

<120%

AMI

<140%

AMI

<170%

AMI

• HOME Down Payment Assistance
• HOME Homeowner Rehabilitation
• Habitat Loan Purchase

• MS Affordable Housing Development Fund (MAHDF)

• Construction Loan Fund (CLF)
• Housing Assistance for Teachers (HAT)
• Mortgage Credit Certificate (MCC)
• Mortgage Revenue Bond (MRB)

• Smart Solution (SS)

Statewide Area Median Income is $56,000

PROMISE

Enhancing Mississippian's Lives 2019

MHC PROGRAMS 

Area Median Ranges

*Bars show Mississippi's Deviation from the United States

PROMISE

Enhancing Mississippian's Lives 2019

Homes

Purchased

1,722

Rental

Units

878

Counties

Impacted

72

Foreclosures

Avoided

226

PROMISE

Enhancing Mississippian's Lives 2019

SINGLE FAMILY PROGRAMS

HOUSING TAX CREDITS

Homeowner

Spending

$19.9 million

Jobs

249

Private

Investments

Total

Developments

20

Wages

$10.3 million

Jobs

992

Wages

$40.4 million

$85.8 million

PROMISE

Enhancing Mississippian's Lives 2019

Housing Opportunities

for Persons With AIDS

HOME Investment Partnership Program

Emergency Solutions Grant

Housing Trust Funds

Provides housing assistance and related supportive services for low-income persons living with HIV/AIDS and their families.

Provides funding for homebuyer assistance, homeowner rehabilitation, substantial rehabilitation of multi-family rental units, and new construction of multi-family rental units for very-low to low income Mississippians.

Provides services to persons experiencing homelessness or persons at risk of becoming homeless. 

Provides funding to build, preserve, or rehabilitate the supply of rental housing for extremely low income Mississippians earning less than 30% of AMI.

$1.4 million

Project Funds Awarded

425

Persons Served:

Support Services

$6.3 million

Project Funds Awarded

156

Total Units

$2.2 million

Project Funds Awarded

895

Persons Served

$2.6 million

Loans Closed

24

HOME Units 

622

Total Units 

157

HTF Units 

MHC’s core function is to assist owner occupied and rental housing targeted to moderate and lower-income working families. We do this by providing housing finance products not available from other sources. We continually evolve our products to fit current and emerging housing needs throughout Mississippi.

MHC manages housing funds awarded to the State of Mississippi by the U.S. Department of Housing and Urban Development (HUD). The State annually receives over $13 million to operate four housing programs:  HOME, Housing for Persons with HIV/AIDS (HOPWA), Emergency Solutions Grant (ESG), and National Housing Trust Fund (NHTF). The collaborative effort facilitated by MHC saved all parties time and money.  Mississippi’s statewide approach and large number of parties was unique in HUD’s experience and could serve as a model for other states.

PROMISE

Enhancing Mississippian's Lives 2019

MISSISSIPPI HOME CORPORATION

735 Riverside Drive

Jackson, MS 39202

601.718.4642