(Senate Bill 61)
An Act to revise a cross reference regarding the South Dakota Housing Development Authority's investment agreement.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 11-11-179 be AMENDED.
11-11-179. Retirement and redemption of investments in sponsor of multifamily units and day‑care facilities.
The authority shall have the
power, in the supervision of housing sponsors of multifamily
residential housing units and day‑care facilities and their
real and personal property, to regulate the retirement of any capital
investment or the redemption of stock where any such retirement or
redemption when added to any dividend or other distribution shall
exceed in any one fiscal year such percentage as may be determined by
rules and regulations of the authority or as
specified in the agreement
required by § 11-11-156
between the authority and the housing sponsor
of the original face amount of any investment or equity in any
housing sponsor. Projects whose rents or income limits applicable to
project residents are established, subsidized or regulated by federal
law, or whose loans are insured or guaranteed by the federal
government shall be subject to an agreement between the authority and
the housing sponsor which will subject said sponsor and its
principals or stockholders, if any, to those limitations established
by federal law, or such lower limitation as shall be prescribed by
the authority, in regulating the retirement of any capital investment
or the redemption of stock of the original face amount of any
investment or equity in any housing sponsor.
Signed February 22, 2021
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
indicate deleted language.