South Dakota Housing Awards Nearly $13 Million for Affordable Housing in South Dakota
FOR IMMEDIATE RELEASE
SOUTH DAKOTA HOUSING AWARDS $741 THOUSAND TO NINE HOUSING OPPORTUNITY FUND PROGRAMS
PIERRE, SD (12.10.24) – Today South Dakota Housing’s Board of Commissioners awarded nearly $13 million to assist South Dakotans with newly constructed or rehabilitated multifamily or single family housing.
The developments received $1.7 million in Housing Infrastructure Financing, $3.33 million in Housing Tax Credits, $4.27 million in HOME Investment Partnership Program funds, $761,500 in Housing Opportunity Funds and $2.93 million in Housing Trust Funds.
The developments that received Board approvals for funding:
Ashbrook Trail Apartments: JMF Investments LLC received approval for $1 million in a HOME loan, $600,000 in a Housing Trust Fund loan and $727,594 in Housing Tax Credits resulting in nearly $6 million in Housing Tax Credit equity. The development will construct 43 new units for seniors (55+) in Mitchell. There will be 27 one-bedroom units and 14 two-bedroom units for tenants at or below 60% AMI. Five units will be market rate.
Denver Terrace Apartments: Ide Development LLC received approval for $725,000 in a HOME loan, $584,000 in a Housing Trust Fund loan and $733,000 in Housing Tax Credits resulting in more than $6 million in Housing Tax Credit equity. The development will acquire, and rehab 34 units built in 1972 in Rapid City. There are 10 efficiency units and 24 one-bedroom units for tenants at or below 60% AMI. All units have HUD Section 8 project-based rental assistance.
Foss Flats Senior Apartments Phase II: TRK Development, Inc. received approval for $1 million in a HOME loan, $600,000 in a Housing Trust Fund loan and $740,000 in Housing Tax Credits resulting in more than $6 million in Housing Tax Credit equity. The development will construct 44 new units for seniors (55+) in Sioux Falls. There will be 19 one-bedroom units and 25 two-bedroom units for tenants at or below 60% AMI.
HAPI Infill Lots: Homes Are Possible, Inc. received approval for $220,000 in a Housing Opportunity Fund loan. The development will be new construction of 11 single family homes. There will be four three-bedroom, two-bath homes; three two-bedroom, two-bath homes; and four two-bedroom, one-bath homes in Aberdeen. Funds received will be used as homebuyer assistance to reduce the cost burden to the homebuyers. Homebuyers must income qualify at or below 80% AMI.
Lemmon Ave, Lot C: Black Hills Area Habitat for Humanity received approval for $96,525 in a Housing Opportunity Fund loan. The development will be new construction of a single family home with three bedrooms and one-and-a-half baths in Rapid City. Potential homebuyers must income qualify at or below 80% AMI.
LifeScape Carter Home: South Dakota Achieve received approval for $544,664 in a HOME loan and $544,664 in a Housing Trust Fund loan. The development will construct a duplex with eight new units for special needs housing in Sioux Falls. All units will be single room occupancy for tenants at or below 50% AMI.
LifeScape Churchill Home: South Dakota Achieve received approval for $73,500 in a Housing Opportunity Fund loan. The development will be the rehab of a 12-bedroom group home for special needs housing in Sioux Falls. All units will be single room occupancy for tenants at or below 115% AMI.
Presentation Heights: St. Joseph Catholic Housing, Inc received approval for $1 million in a HOME loan, $600,000 in a Housing Trust Fund loan and $384,527 in Housing Tax Credits resulting in more than $3 million in Housing Tax Credit equity. The development will acquire, and rehab 45 units on the former Presentation College campus built in 2013 in Aberdeen. There are six one-bedroom units, one two-bedroom unit and 38 four-bedroom units for tenants at or below 60% AMI. Five units will be market rate.
Rosholt Governor House: Rosholt Improvement Association received approval for $120,000 in a Housing Opportunity Fund loan. The development will be new construction of a single family home with three bedrooms and two baths in Rosholt. Potential homebuyers must income qualify at or below 80% AMI.
SEDF Workforce Housing Program: South Eastern Development Foundation received approval for $114,000 in a Housing Opportunity Fund loan. The development will be new construction of 10 single family homes. Each home will be three bedrooms and two baths in Sioux Falls. Funds received will be used as homebuyer assistance to reduce the cost burden to the homebuyers. Homebuyers must income qualify at or below 80% AMI.
Shepherd Hills Regional Water Booster Pump Station: City of Rapid City received approval for $1,077,604 in a Housing Infrastructure Financing grant. The project will be new construction of a water booster pump station to increase the capacity of water allowing infrastructure development of 78 single family homes.
Southeastern Behavioral Apartments: Southeastern Behavioral, LLC received approval for $740,000 in Housing Tax Credits resulting in more than $6.4 million in Housing Tax Credit equity. The development will construct 55 new units of permanent supportive housing in Sioux Falls. There will be 20 single room occupancy units, 18 efficiency units, 14 one-bedroom units and three two-bedroom units for tenants at or below 60% AMI.
Stoney Creek Reserve: Bella Vista LLC received approval for $625,000 in a Housing Infrastructure Financing loan. The project consists of infrastructure development for 25 single family lots.
3218 and 3220 N Americus Circle Twin Home: Habitat for Humanity of Greater Sioux Falls received approval for $114,000 in a Housing Opportunity Fund loan. The development will be new construction of a single family, twin home. Each home will be two bedrooms and one bath in Sioux Falls. Potential homebuyers must income qualify at or below 70% AMI.
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About South Dakota Housing
South Dakota Housing Development Authority was created by the South Dakota Legislature in 1973 with a stated mission to provide opportunities for quality, affordable housing for South Dakotans. South Dakota Housing is a self-supporting, nonprofit entity known for our commitment for providing innovative financing solutions to create and preserve affordable housing. South Dakota Housing utilizes housing bonds, tax credits, and other federal and state resources to fund housing programs which provide mortgage and downpayment assistance, housing construction and rehabilitation, homelessness prevention, rental assistance, and educational opportunities.
For more information:
Chas Olson, Executive Director, SD Housing, 605.773.3181