(C) South Dakota Searchlight
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Board awards $10.5 million in federal, $760,000 in state funds to affordable housing projects • South Dakota Searchlight [1]
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Date: 2024-12
A state board awarded over $10.5 million in federal funding at its Tuesday meeting to help rehabilitate or construct affordable housing in South Dakota.
The developments received $3.33 million in Housing Tax Credits, $4.27 million in HOME Investment Partnership Program funds and $2.93 million in Housing Trust Funds.
Housing is considered affordable in South Dakota when residents have to pay no more than 30% of income for costs such as rent or mortgage and utilities, according to state law. The projects awarded incentivize expansion of affordable housing for low-income South Dakotans.
There were more applications than available money. Fifteen applicants requested over $10 million for the tax credit program, $13.7 million for the HOME program and $8.7 million in trust funds, staff said during the meeting.
Projects that applied but weren’t awarded funding by the South Dakota Housing Development Authority Board are located in Rapid City, Frederick, Aberdeen, Vermillion, Spearfish and Sioux Falls.
Six projects received $761,500 in state funding through the Housing Opportunity Fund, which is an affordable housing program for South Dakota residents.
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https://southdakotasearchlight.com/briefs/board-awards-10-5-million-in-federal-760000-in-state-funds-to-affordable-housing-projects/
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