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.