The board had voted 4-3 Monday to reject the agreement, which would give the state Department of Education substantial control over Jackson's special education programs. But board member Kisiah Nolan changed her mind and the board met again Tuesday, this time voting 4-3 to accept.
Jackson Public Schools face a Tuesday deadline to sign the deal, and avoid losing accreditation Thursday.
If Jackson lost accreditation, athletic teams from Mississippi's second-largest school district would be barred from playoffs. Students would also be barred from state meets in activities including band, chorus and debate. Parents could also seek to transfer students to other districts, but a receiving district would have to approve.