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, 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.
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