ENTITLED An Act to revise certain criteria for loans from the South Dakota housing infrastructure fund.

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

Section 1. That § 11-15-1 be AMENDED:

11-15-1. Terms used in this chapter mean:

(1) "Authority," the South Dakota Housing Development Authority;

(2) "Housing infrastructure," the installation, replacement, upgrade, or improvement of public infrastructure for the support of a single-family or multi-family housing project; and

(3) "Public infrastructure," a right of way, water distribution system, sanitary sewer system, storm sewer system, lift station, street, road, bridge, curb, gutter, sidewalk, traffic signal, or streetlight, which is or will be located in the state and is or will be owned, maintained, or provided by a political subdivision of this state or federally recognized Indian tribe; or excavation, necessary site work, compaction, or acquisition of land for support of a single family or multi-family housing project.

Section 2. That § 11-15-4 be AMENDED:

11-15-4. The authority may make loans from the South Dakota housing infrastructure fund, created in § 11-15-2, for housing infrastructure projects. The principal amount of a loan may not exceed one-half of the total cost of the housing infrastructure project. The authority may use up to one percent of the principal amount of a loan to offset the authority's expenses in administering the loan.

An Act to revise certain criteria for loans from the South Dakota housing infrastructure fund.