22.83.14 97th Legislative Session 474

2022 South Dakota Legislature

Senate Bill 65

Introduced by: Senator Wheeler

An Act to delineate uses for the South Dakota housing opportunity fund.

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

Section 1. That § 11-13-5 be AMENDED:

11-13-5. The South Dakota housing opportunity fund may be used to provide a grant, loan, loan guarantee, loan subsidy and other financial assistance to an eligible applicant. Money from the fund may be used to build, buy, and or rehabilitate affordable housing for rent or home ownership, including single family and multifamily housing. The eligible fund activities include for:

(1) Single family and multi-family affordable housing projects that consist consisting of new construction and associated infrastructure, or the purchase of rental or home ownership housing, substantial;

(2) Substantial or moderate rehabilitation of rental or home ownership housing, housing;

(3) Housing preservation, including home repair grants and grants;

(4) Grants to make homes houses more accessible to individuals with disabilities, homelessness;

(5) Homelessness prevention activities, as well as; and

(6) Providing financial assistance for a community land trust.

No more than ten percent of the any funds awarded may be used for the administrative costs of expenses incurred by the South Dakota Housing Development Authority or any other entity that receives fundingreceiving monies from the fund.

Section 2. That § 11-13-7 be AMENDED:

11-13-7. The South Dakota housing opportunity fund shall 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.

Underscores indicate new language.

Overstrikes indicate deleted language.