Main Street Investment Act Passes House

Small towns could soon borrow money from the state to re-vitalize historic downtown areas under a bill passed by the State House Of Representatives.

The proposed plan would have the Mississippi Development Authority establish a program to make loans to cities with 15,000 or fewer residents.

Each applicant must submit a revitalization plan approved by more than half the property owners in a designated area.

The bill would authorize the state to borrow 5 million dollars in bonds to create the loan fund.

The “Mississippi Main Street Investment Act” will now move to the state senate for consideration.