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Notice of Bond Hearing – Sagebrush Flats and SD Portfolio


For Immediate Release

October 17, 2022
SDHDA Contact: Lorraine Polak


The South Dakota Housing Development Authority (SDHDA) will hold a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986 on Thursday, October 27, 2022, at 9:00 a.m., at SDHDA’s Conference Room, 3060 East Elizabeth Street, Pierre, South Dakota, and via Skype business meeting platform in which participants may join by telephone at the following numbers:  1-605-773-7615 or toll free at 1-844-773-7615.  Access code for both numbers is 807894#. Desktop or tablet:

This hearing is for the proposed issuance of multifamily housing bonds in an aggregate principal amount not to exceed:

  • $30,000,000 for the purpose of financing the new construction of a 180-unit apartment building for Sagebrush Flats. The owner and operator of the development will be Sagebrush Flats, LLLP, a South Dakota entity or an affiliate thereof.  The buildings will be located at TBD Omaha Street (Rice Valley View Properties Lots 4, 5, and 7), Rapid City, South Dakota.
  • $9,500,000 for the purpose of acquiring and rehabilitating a 96-unit apartment building for SD Portfolio. The owner and operator of the development will be Schuett Spearfish, LP, a South Dakota entity or an affiliate thereof.  The buildings are located at 1902-1908 Vista St and 1605 5th Ave Belle Fourche, South Dakota; 1710-1720 Ryan Rd, and 308 E Rushmore St, Spearfish, South Dakota.

The proceeds received by SDHDA from the sale of the bonds, net of cost of issuance and the establishment of reserves, will be loaned to the developer for the construction/rehabilitation of the developments or the refunding of the outstanding bonds described above.  The bonds will be payable from loan repayments to be made by the owner and other revenues pledged by SDHDA.  Neither SDHDA nor the State of South Dakota will be liable thereon and the bonds will not be a debt of the state.

All persons interested will be given an opportunity to express their views at the hearing, or may present their views in writing addressed to the undersigned prior to the hearing, which written comments will be considered at the hearing.

Notice is further given to individuals with disabilities that this hearing is being held in a physically accessible place.  Please notify SDHDA 48 hours before the public hearing if you have special needs for which SDHDA will need to make arrangements.

SDHDA does not discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin.

Lorraine Polak
Executive Director
South Dakota Housing Development Authority
PO Box 1237
Pierre, SD  57501


South Dakota Housing was created by the South Dakota Legislature in 1973 with a stated mission to provide opportunities for quality, affordable housing for South Dakotans. SD Housing is a self-supporting, nonprofit entity known for our commitment for providing innovative financing solutions to create and preserve affordable housing. SD Housing utilizes housing bonds, tax credits, and other federal and state resources to fund housing programs which provide mortgage and downpayment assistance, housing construction and rehabilitation, homelessness prevention, rental assistance, and educational opportunities. SD Housing does not discriminate against any person because of race, color, creed, religion, sex, disability, familial status or national origin. For more information, visit

The South Dakota Housing Development Authority…Building a Better Quality of Life.

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