7 Miss. Code. R. 3-76.10
The construction of rental housing units for teachers in the West Tallahatchie School District is a pilot program that is administered by the Department of Education. The Department of Education advertised 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 received proposals from developers, after having advertised for bids, for the construction of the rental housing units and submitted a recommendation to the State Department of Education. The Department of Education selected Mississippi Home Corporation as the developer to construct the units.
After selection of Mississippi Home Corporation, the Department of Education loaned Mississippi Home Corporation $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 is equal to one percent (1%) below the discount rate established by the Federal Reserve Bank Mississippi Critical Shortage Fund. If a claim against Mississippi Home Corporation for repayment is placed in the hands of an attorney for collection, Mississippi Home Corporation will be liable for an additional amount equal to a reasonable attorney's fee.
Mississippi Home Corporation operates the rental housing units. For a period of ten (10) years or until such time that the loan is repaid by Mississippi Home Corporation, 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.
7 Miss. Code. R. 3-76.10