Hurricane Katrina Forest Recovery

As we work together to tackle the historic challenge that Hurricane Katrina has presented to the forestry communities of Mississippi, Louisiana, and Alabama, we hope that this blog will be a valuable resource and tool.

Wednesday, January 31

MHC Makes Available MRB Funds

The Mississippi Home Corporation (MHC) has opened the reservation lines for its $50-million 2007A issue, and funds are available to qualified applicants through participating lenders.
The 2007A issue includes a pool of funds available to those purchasing homes in Jackson, Harrison, Hancock, Pearl River, Stone and George counties and to homebuyers directly affected by Hurricane Katrina. The mortgages will carry an interest rate of 5.7%.

Dianne Bolen, MHC executive director, said, "This special rate, coupled with the program's 3% cash advance, will help the Gulf Coast recovery process by significantly lowering the costs of owning a home."

The remaining bonds in the 2007A issue will fund 30-year mortgages at a fixed rate of 5.9% statewide. The program includes a cash advance of 3% of the loan amount to assist homebuyers in paying for downpayment and closing costs.

Since January 1, 2006, MHC's Mortgage Revenue Bond (MRB) program has provided funds for nearly 2,700 loans totaling $300 million. For more information on the MRB program, call (601) 718-4636, or visit



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