For Immediate Release: March 24, 2022
For More Information Contact: Lorraine Polak, Executive Director, 773.3181
South Dakota Housing Development Authority (SDHDA) is inviting developers to submit applications for funding for the development of affordable housing. Funding can be utilized to assist communities in addressing their local housing needs.
The HOME program, funded by the U.S. Department of Housing and Urban Development, provides funds to developers and/or owners for acquisition, new construction and rehabilitation of affordable housing. Funding is available for affordable single and multifamily housing opportunities statewide.
Also funded by the U.S. Department of Housing and Urban Development, the Housing Trust Fund provides financing to expand the supply of decent, safe and affordable housing for extremely low income South Dakotans. Funding is available for rental housing only and is targeted to 30 percent of the Area Median Income and below.
The Internal Revenue Code of 1986 established the Housing Tax Credit Program as an incentive for construction, rehabilitation and acquisition/rehabilitation of housing for low-income households. Developers of housing tax credit projects typically raise equity capital for their projects by syndicating tax credits to investors.
The Housing Opportunity Fund may be used for new construction or the purchase and rehabilitation of rental or homeownership housing. It may also be used for homelessness prevention activities, homebuyer assistance and housing preservation – including home repair or to make homes more accessible to individuals with disabilities.
The HOME, Housing Tax Credit, Housing Opportunity Fund and Housing Trust Fund program allocation plans and application forms can be found on SDHDA’s website at www.sdhda.org. Complete applications must be received at SDHDA on Wednesday, Aug. 31, by 5 p.m. Central Time. Applications may be mailed or submitted online at SDHDA’s website at www.sdhda.org.
Awards are anticipated to be announced in November. For more information on the housing development programs, please contact a housing development officer, at 605.773.3181.
About South Dakota Housing Development Authority:South Dakota Housing Development Authority (SDHDA) was created by the South Dakota Legislature in 1973 with a stated mission to provide opportunities for quality, affordable housing to South Dakotans. SDHDA is a self-supporting, nonprofit entity known for their commitment for providing innovative financing solutions to create and preserve affordable housing. SDHDA 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. SDHDA does not discriminate against any person because of race, color, creed, religion, sex, disability, familial status or national origin. For more information, visit www.sdhda.org
The South Dakota Housing Development Authority…Building A Better Quality of Life.