7 Miss. Code. R. § 3-7400-7410 - West Tallahatchie Rental Housing
Current through April 7, 2022
The construction of rental housing units for teachers in the West Tallahatchie School District is a pilot program that will be administered by the Department of Education. The Department of Education will advertise for bids for the purpose of contracting with a public or private entity to assist in implementing and administering the program.
The West Tallahatchie School District will receive proposals from developers, after having advertised for bids, for the construction of the rental housing units and will submit a recommendation to the State Department of Education as to which developer should construct the units. The Department of Education will make the final determination about which developer will construct the units.
After selection of the developer, the Department of Education will loan the developer not more than $200,000 for the construction of the units for a period of time not to exceed fifteen (15) years. The interest rate on the loan will be equal to one percent (1%) below the discount rate established by the Federal Reserve Bank Mississippi Critical Shortage Fund. If a claim against the developer for repayment is placed in the hands of an attorney for collection, the developer will be liable for an additional amount equal to a reasonable attorney's fee.
The developer will operate the rental housing units. For a period of ten (10) years or until such time that the loan is repaid by the developer, whichever is longer, the priority for residence in the housing units will first be given to teachers employed in the West Tallahatchie School District, then to other licensed school district employees, and then to any other school district employee.
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