11-13-5. Eligible fund activities.
143 words·~1 min read·
/sd/title-11/chapter-11-13/11-13-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 affordable housing projects that consist of new construction or the purchase of rental or home ownership housing, substantial or moderate rehabilitation of rental or home ownership housing, housing preservation, including home repair grants and grants to make homes more accessible to individuals with disabilities, homelessness prevention activities, as well as a community land trust.
No more than ten percent of the funds awarded may be used for the administrative costs of the South Dakota Housing Development Authority or any entity that receives funding from the fund.