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Coast & County Real Estate has helped numerous investors/developers during Round 1 to successfully qualify for the incentives offered through the Mississippi Development Authority's Small Rental Assistance Program. We currently have an inventory of land available for development with excellent investor packages. Our office and agents have served Hancock & Harrison counties for (xx) years. Place your investments with a locally owned, operated and trusted real estate company.

MDA will begin accepting applications for Round 2 on October 15, 2008. The submission deadline for all applications is December 15, 2008.

The Small Rental Property Assistance Program provides loans to owners of small rental properties on the Mississippi Gulf Coast in order to assure these property owners provide affordable rental housing in the counties most affected by Hurricane Katrina. $262,500,000 has been allocated for this program, which will help in the repair, rehabilitation, and reconstruction of the affordable housing stock in the areas most impacted by the storm.

Small Rental Direct link to web:

http://www.mississippi.org/content.aspx?url=/page/3913

MDA is now requiring in Round 2, that an Applicant OWN the property prior to application processing. A lease, contract for purchase, option to purchase, or a reservation will not meet this requirement. Ownership by a third party developer, realtor, broker or other entity or person will not suffice, even if an agreement to transfer the property to the applicant at a later date exists.

All awards in the Small Rental Assistance Program are forgivable loans. If you meet the program terms for the full five-year loan period, the principal balance of the loan will be forgiven on an established schedule, and you will not be obligated to repay the principal or interest. If you violate the loan terms, all future scheduled payments will be canceled, and you will be obligated to repay the remaining balance, plus interest and termination fees.

Completion and execution of the application does not constitute a commitment of federal assistance or site approval. A commitment of federal assistance will only occur after satisfactory completion of a site-specific environmental review.

THE MISSISSIPPI DEVELOPMENT AUTHORITY IS THE ONLY SOURCE OF AUTHORIZED INFORMATION RELATIVE TO THE SMALL RENTAL ASSISTANCE PROGRAM. APPLICANTS SHOULD BE AWARE THAT MULTIPLE WEBSITES, ONLINE VIDEOS AND OTHER MATERIALS HAVE BEEN DISSEMINATED WHICH CONTAIN ERRORS AND MISREPRESENTATIONS REGARDING THE PROGRAM REQUIREMENTS.

PLEASE REFER TO THE OFFICIAL MISSISSIPPI DEVELOPMENT AUTHORITY WEBSITE, LOCATED AT http://www.mississippi.org, FOR ALL UP TO DATE INFORMATION REGARDING THE SMALL RENTAL ASSISTANCE PROGRAM.