An Act to appropriate funds to support revolving funds for workforce housing and to declare an emergency.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. There is hereby appropriated from the general fund the sum of $5,000,000, $50,000,000 to the South Dakota Housing Development Authority South Dakota revolving economic development and initiative fund to be used for grants for the purpose of providing low-interest, revolving loans for developers and property owners for multi-family workforce housing projects, in including the Sioux Falls and Rapid City areas.

Section 2. The executive director of the South Dakota Housing Development Authority commissioner of the Governor's Office of Economic Development shall approve vouchers and the state auditor shall draw warrants to pay expenditures authorized by this Act.

Section 3. Any amounts appropriated in this Act not lawfully expended or obligated shall revert in accordance with the procedures prescribed in chapter 4-8.

Section 4. Whereas, this Act is necessary for the support of the state government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval.