PIERRE | The South Dakota Housing Development Authority has $15.3 million available for affordable housing projects.
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. The authority has $5 million for single and multifamily housing opportunities statewide.
The Housing Tax Credit Program is 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. For this application cycle, $3.2 million is available.
The Housing Opportunity Fund is 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 Housing Opportunity Fund program has $2.5 million available for allocation.
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The Housing Trust Fund provides financing to expand the supply of affordable housing for extremely low income residents. Funding is targeted to 30 percent of the area median income and below. This funding source has $4.6 million available for allocation.
Awards are anticipated to be announced in November. For more information, contact a Housing Development officer at 800-540-4241.