Herbert J. “Chip” Peterson III, 56, of Corinth, Mississippi, passed away on July 28, 2026, in Houston, Texas, following a long and courageous battle with cancer. Visitation will be held on Saturday, August 8, 2026, from 12:00 p.m. until 2:00 p.m. at First Baptist Church, with a memorial service immediately following. Bro. Nathan VanHorn and Bro. Bobby Capps will officiate the service with Parker Peterson delivering family reflections.

He was born on September 13, 1969, in New Orleans, Louisiana, to Herbert J. Peterson Jr. and Joan Murphy Peterson. Chip spent his childhood summers around Bay St. Louis, Mississippi, where he loved being on the water. He graduated from De La Salle High School in 1987. He then attended the University of Mississippi and earned a Bachelor of Business Administration in 1993.

On October 7, 1995, Chip married Angel Little Peterson. Together they built a life centered on family, raising their daughters, Parker and Pierce, who were among his greatest joys and proudest accomplishments. He loved spending time with them anywhere, but especially on Pickwick Lake, where he passed along his lifelong love of the water to his daughters, teaching them everything he knew. In 1999, he co-founded CMS Management alongside his father-in-law and business partner, Jerry Little. Over time, CMS grew into a successful and highly respected affordable housing management and development company, managing more than one hundred affordable housing communities across eight states.

Throughout his career, Chip became one of the most respected leaders in the affordable housing industry. He served on the Board of Directors of the National Council for Affordable Housing, the Housing Association of Mississippi, where he served as President, and the Tennessee Association of Affordable Housing. His knowledge, leadership, and unwavering commitment to affordable housing earned him the respect of colleagues across the country, but it was his genuine concern for others that distinguished him most.

Chip served on the Corinth School District Board of Directors, including a term as Board President. He was also a member of First Baptist Church. He enjoyed developing properties, traveling with his family, and spending time hunting and fishing with friends. His outgoing personality, genuine kindness, and ability to see the good in others allowed him to form friendships that lasted a lifetime. He valued relationships and invested deeply in the people who mattered most to him. His generosity touched countless lives, often in ways known only to those he helped. He never sought recognition for his kindness and found greater satisfaction in serving others than in receiving credit. His quiet compassion, humble spirit, and willingness to help those in need will remain among the most enduring parts of his legacy.

Chip is survived by his wife, Angel; his daughters, Parker and Pierce; his mother, Joan Murphy Peterson; his father-in-law and mother-in-law, Jerry and Joyce Little; and a wide circle of friends, colleagues, employees, and industry partners who were fortunate to know him. He was preceded in death by his father, Herbert J. Peterson Jr.

In lieu of flowers, the family requests that memorial contributions be made to Crosswind Ministry, Lighthouse Foundation, Living Free Ministries, or a charity of the donor’s choice. Magnolia Funeral Home is honored to serve the family of Chip Peterson.