11-11-1. Legislative findings. It is hereby declared: (1)That there exists within this state a serious shortage of sanitary, decent, and safe residential housing at prices or rentals which people of the state can afford; that this shortage has contributed to and will contribute to the creation and persistence of slums, blight, and substandard housing; that […]
11-11-10. Development authority established–Administrator of federal housing program. There is hereby created and established a body politic and corporate with duties and powers as established in this chapter, to be known as the South Dakota Housing Development Authority to carry out the provisions of this chapter. The authority is hereby constituted an independent public instrumentality […]
11-11-100. Acquisition and disposition of property. The authority may acquire real or personal property, or any interest therein, on either a temporary or long-term basis in the authority’s own name by gift, purchase, transfer, foreclosure, lease, or otherwise, including rights or easements in real property; hold, sell, assign, lease, encumber, mortgage, or otherwise dispose of […]
11-11-101. Exemption of authority from taxes, recording fees and transfer taxes. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their well being and prosperity and for the improvement of their social and economic conditions, and the authority shall not […]
11-11-102. Contracts–Mortgage loans–Foreclosure. The authority, to carry out and effectuate the purposes and provisions of this chapter, may: (1)Contract for services with architects, engineers, attorneys, accountants, housing construction and financial experts, and other advisers, consultants, and agents and to fix their compensation; (2)Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in […]
11-11-11. Reporting to Governor’s Office of Economic Development. The authority is attached to the Governor’s Office of Economic Development for reporting purposes. Source: SL 1979, ch 351, §33; SDCL Supp, §28-19-10.1; SL 2003, ch 272 (Ex. Ord. 03-1), §50; SL 2011, ch 1 (Ex. Ord. 11-1), §95, eff. Apr. 12, 2011.
11-11-114. Confidentiality of applications and financial information. All applications for a mortgage under the single-family homeownership program, and all financial statements, income statements, income tax returns, and other information, if any, required to accompany such applications under regulations of the authority shall be confidential, except for official purposes in the same manner and subject to […]
11-11-115. Applications–Signatures and certification required–Perjury. Each application submitted to the authority shall be signed by the applicant and by an officer of the originating mortgage lender and shall certify under oath subject to penalties for perjury that all material facts have been disclosed to the best of the knowledge of the signatories. Allegations of perjury […]
11-11-117. Construction to be substantially completed, or final insurance or guarantee certificate issued before loan disbursed. The authority may not disburse a loan for the acquisition of a homeownership housing unit until construction is substantially complete or the final insurance or guarantee certificate has been issued. Source: SL 1980, ch 204, §17; SDCL Supp, §28-19-102.6; […]
11-11-118. Additional lending powers of authority. The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the powers set forth in §§11-11-119 to 11-11-135, inclusive, in addition to others herein granted. Source: SL 1973, ch 180, §17; SDCL Supp, §28-19-103.
11-11-119. Purchase of mortgages from mortgage lenders. The authority may invest in, purchase or make commitments to purchase, and take assignments from mortgage lenders, of notes and mortgages evidencing loans for the construction, rehabilitation, purchase, leasing, or refinancing of housing in this state. Source: SL 1973, ch 180, §17 (1); SDCL Supp, §28-19-104; SL 1983, […]
11-11-12. Appointment of commissioners–Political affiliations. The powers of the authority shall be vested in seven commissioners, who shall be residents of the state, to be appointed by the Governor. Not more than four of the commissioners may be of the same political party. Source: SL 1973, ch 180, §4; SDCL Supp, §28-19-11; SL 1975, ch […]
11-11-120. Purchase of securities from mortgage lenders. The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if: (1)Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States government, subject to any limit […]
11-11-122. Loans to mortgage lenders for new residential mortgages. The authority may make loans to mortgage lenders under terms and conditions requiring the proceeds to be used by such mortgage lenders for the making of new residential mortgages. Source: SL 1973, ch 180, §17 (2); SDCL Supp, §28-19-105; SL 2012, ch 78, §76.
11-11-123. Requirements for transactions with mortgage lenders. Terms and conditions of the purchase and sale to mortgage lenders of mortgage loans and loans to mortgage lenders, shall be as set forth in §11-11-124. Source: SL 1973, ch 180, §20; SDCL Supp, §28-19-106.
11-11-124. Eligibility of obligations purchased from mortgage lenders for purchase or purchase commitment–Criteria. No obligation purchased from a mortgage lender, other than an obligation purchased from or guaranteed by an agency or instrumentality of the United States government, shall be eligible for purchase or commitment to purchase by the authority under §11-11-119 unless at or […]
11-11-13. State officers and employees eligible as commissioners. Notwithstanding the provisions of any other law, no officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the authority or his service thereto. Source: SL 1973, ch 180, §7; […]
11-11-134. Purchase of federally insured housing mortgages. The authority may make commitments to purchase, and purchase, service, and sell federally insured mortgages and make loans directly upon the security of any such mortgage, if the underlying mortgage loans have been made and continue to be used solely to finance or refinance the construction, rehabilitation, purchase, […]
11-11-135. Sale or transfer of mortgage loan or obligation. The authority may sell or otherwise dispose of, at public or private sale, with or without public bidding, or assign or transfer, any mortgage loan or other obligation held by the authority, including, without limitation, the transfer of a mortgage loan or other obligation to any […]
11-11-137. Court actions to enforce loans or protect the public interest–Foreclosure. The authority may institute any action or proceeding against any housing sponsor or persons and families receiving a loan pursuant to the provisions of this chapter, or owning any housing development or housing project pursuant to the provisions of this chapter in any court […]
