Section 11-13-2 – South Dakota housing opportunity fund created.
11-13-2. South Dakota housing opportunity fund created. There is hereby created the South Dakota housing opportunity fund to be administered by the South Dakota Housing Development Authority for the purpose of preserving and expanding sustainable, affordable, and safe housing that is targeted to low and moderate income families and individuals in South Dakota. The authority […]
Section 11-13-3 – Duties of administrative agency.
11-13-3. Duties of administrative agency. The administrative agency shall: (1)Develop program guidelines; (2)Market the fund to eligible applicants; (3)Receive, review, and evaluate proposals; (4)Submit funding proposal recommendations to the oversight commission; (5)Administer annual monitoring and reporting on the fund; (6)Create operating rules and guidelines for the oversight commission; and (7)Perform all other activities necessary to […]
Section 11-11-141 – Promulgation of rules regarding borrowers, admission of occupants, and ancillary commercial facilities.
11-11-141. Promulgation of rules regarding borrowers, admission of occupants, and ancillary commercial facilities. The authority may promulgate rules pursuant to this chapter, regarding the definition of persons and families of low and moderate income, the regulation of borrowers, the admission of occupants to housing developments pursuant to this chapter, and the construction of ancillary commercial […]
Section 11-11-144 – Provisions governing loans and other financing to sponsors of multifamily units and day-care facilities.
11-11-144. Provisions governing loans and other financing to sponsors of multifamily units and day-care facilities. Mortgage loans and other financing made by the authority to housing sponsors of multifamily residential housing units and sponsors of day-care facilities shall be subject to the terms and conditions set forth in §§11-11-148 to 11-11-161, inclusive, as applicable. Source: […]
Section 11-11-148 – Loans restricted to sponsors meeting statutory definition.
11-11-148. Loans restricted to sponsors meeting statutory definition. No application for a loan for a housing development shall be processed unless the applicant is a housing sponsor as defined in §11-11-7. Source: SL 1973, ch 180, §19 (1); SDCL Supp, §28-19-126.
Section 11-11-149 – Amount and amortization period of FHA loans.
11-11-149. Amount and amortization period of FHA loans. The ratio of loan to total housing development cost and the amortization period of loans made under this chapter which are insured by the Federal Housing Administration (FHA) shall be governed by the FHA mortgage insurance commitment for each housing development; but in no event shall such […]
Section 11-11-150 – Amount and amortization of non-FHA loans.
11-11-150. Amount and amortization of non-FHA loans. In the case of a mortgage loan not insured by FHA the amount of the loan may not exceed one hundred percent of the total housing development cost as determined by the authority and the amortization period of such loan shall be determined in accordance with regulations formulated […]
Section 11-11-151 – Terms and form of loans or other financing–Investment in multifamily residential housing projects and day-care facilities.
11-11-151. Terms and form of loans or other financing–Investment in multifamily residential housing projects and day-care facilities. Each mortgage loan made or other financing provided by the authority shall contain such terms and provisions and be in such form as approved by the authority. With respect to multifamily residential housing projects and day-care facilities, the […]
Section 11-11-152 – Interest rates on which loans made–Additional charges.
11-11-152. Interest rates on which loans made–Additional charges. The authority shall have authority to set from time to time the interest rates at which it shall make loans and commitments therefor. Such interest rates shall be established by the authority at the lowest level consistent with the authority’s cost of operation and its responsibilities to […]
Section 11-11-155 – Surety bonds and other assurances of payment and performance.
11-11-155. Surety bonds and other assurances of payment and performance. If the authority is providing mortgage financing, the authority shall require the housing sponsor receiving a loan or its contractor to post surety bonds or other assurances of payment of labor and materials, and construction performance in such amounts as the authority may deem necessary […]