MS House Votes For Small Town Revitalization Fund

JACKSON, Miss. (AP) – Small towns could borrow money from the state to revitalize historic downtown areas under a bill passed Tuesday by the House.

The Mississippi Main Street Investment Act, House Bill 1598 (http://bit.ly/1QVUcTw ), passed Tuesday and moves to the Senate.

Mississippi Development Authority would establish a program to make loans to cities with 15,000 or fewer residents. Each applicant must submit a revitalization plan approved by more half the property owners in a designated area.

The bill allows MDA to authorize loans to no more than two cities each year. The bill authorizes the state to borrow $5 million in bonds to create the loan fund.