11-13-1. Definitions. Terms used in this chapter mean: (1)”Administering agency,” the South Dakota Housing Development Authority shall act as the administrative agency for the South Dakota housing opportunity fund; (2)”Affordable housing,” housing is affordable if the total housing costs, which includes rent, utilities, mortgage, and related expenses, represents no more than thirty percent of gross […]
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 […]
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 […]
11-13-4. Eligibility for funding. Any for-profit entity, nonprofit entity, tribal government, housing authority, a political subdivision of this state or its agencies, or any agency of this state is eligible to apply for funding from the fund. No individual may apply for funding directly from the fund. Source: SL 2013, ch 7, §16, eff. Mar. […]
11-13-5. Eligible fund activities. The South Dakota housing opportunity fund may be used to provide a grant, loan, loan guarantee, loan subsidy and other financial assistance to an eligible applicant. Money from the fund may be used to build, buy, and or rehabilitate affordable housing for rent or home ownership, including single family and multifamily […]
11-13-6. Geographic distribution guideline. Each year, money from South Dakota housing opportunity fund shall be set aside as follows: (1)Thirty percent shall be designated in municipalities that have a population of fifty thousand or more; and (2)Seventy percent shall be designated for the other areas of the state. If the approved applications for any area […]
11-13-7. Income targeting guideline. The South Dakota housing opportunity fund shall be targeted to serve low to moderate income households with a maximum income at or below one hundred fifteen percent of the area median income based on United States Department of Housing and Urban Development (HUD) criteria. Source: SL 2013, ch 7, §19, eff. […]
11-13-8. Applications for award. Awards from the fund shall be made through an application process. Each application shall be evaluated and scored based on criteria created by the administering agency and the oversight commission. Each applicant that is awarded money from the fund is encouraged to leverage the money for any project or program with […]
11-13-9. Annual report by oversight commission. The oversight commission shall submit to the Governor and the Legislature an annual report which includes the activity and use of funds for the South Dakota housing opportunity fund. Source: SL 2013, ch 7, §21, eff. Mar. 20, 2013.
