On page 1, after line 2, of the Introduced bill, insert: "
Section 1. That § 11-13-2 be AMENDED:
11-13-2.
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 Dakotain
this state.
The
authority may accept and expend,
for the purposes of this chapter,
any funds
moneys
obtained from
appropriations or any other source. Any moneys
from the general
funds
fund
appropriated to
the housing opportunity program shall
must
be transferred
into the housing opportunity fund.
Disbursement
of funds
moneys
to the
authority shall
must
be made after
moneys
in the South
Dakota housing opportunity funds
fund
have been
obligated by the oversight commission
created pursuant to § 11-13-8
defined in § 11-13-1, except that moneys appropriated for
housing infrastructure must be disbursed to the authority upon
passage.
Interest
earned on money in the fund shall
must
be deposited
into the fund."
On page 1, line 5, of the Introduced bill, after "subsidy" insert the comma
On page 1, line 10, of the Introduced bill, after "construction " delete "and associated infrastructure"
On page 1, line 18, of the Introduced bill, after "trust" insert ";
(7) Homebuyer assistance; and
(8) Housing infrastructure costs"
On page 1, after line 21, of the Introduced bill, insert: "
Section 3. That § 11-13-6 be AMENDED:
11-13-6.
Each year, money
from the
South Dakota
housing opportunity fund shall
must
be set aside as
follows:
(1) Thirty
percent shall
must
be designated
for
use in
municipalities that have a population of fifty thousand or more; and
(2) Seventy
percent shall
must
be designated
for the
other use
in areas of the
state,
other than those referenced in subdivision (1) of this section.
If
the approved applications for any area are
total
less than the
amount set aside, the
any
remaining
amount may be made available for use
by qualified
applications
applicants
from the other
areas.
The geographic distribution guideline takes precedence over the income targeting guideline during the evaluation of the applications.
The geographic distribution guideline is not applicable to moneys appropriated for housing infrastructure costs."
On page 1, line 23, of the Introduced bill, delete " must be targeted to serve low-to-moderate income households with that:
(1) Have a maximum income at or below one hundred fifteen percent of the area median income based on, as determined by the United States Department of Housing and Urban Development (HUD) criteria, in accordance with the U. S. Housing Act of 1937, as amended through January 1, 2022, [42 U. S. C. 1437 et seq. ]; or
(2) Are determined, by the South Dakota Housing Development Authority, to meet the guidelines for affordable housing established in § 13-13-10. 10" and insert " must be utilized for the development of affordable housing. For purposes of this section, the term, affordable housing, means:
(1) Single family homes having an original selling price that is at or below the first-time homebuyer purchase price limit used by the South Dakota Housing Development Authority, as of the date the home is sold; or
(2) Multifamily housing units having a monthly rental rate that is at or below the calculated rent for this state's eighty percent of area median income, as used by the South Dakota Housing Development Authority.
Housing development guidelines are not applicable to moneys loaned for housing infrastructure costs"