Housing Infrastructure Financing Programs
In the latest episode of The Housing Connection, Amy Eldridge, Director of Rental Housing Development at South Dakota Housing, explains how the Housing Infrastructure Financing Program (HIFP) is addressing one of the most significant barriers to housing development—costly infrastructure.
This program provides low-interest loans and grants to support infrastructure projects like roads, water systems, and sewer lines, ensuring communities can build affordable housing.
Building Affordable Housing from the Ground Up
Established in 2023, HIFP is specifically designed for housing-related infrastructure projects. Eligible applicants include nonprofits, for-profit entities, housing authorities, tribes, and local governments. By funding critical pre-construction needs, HIFP reduces the financial burden for developers, enabling them to offer more affordable housing options.
Flexible and Impactful Solutions
The program offers up to one-third of total project costs in funding, capped at $25,000 per single-family lot and $10,000 per multifamily unit. This flexibility ensures funds are used effectively to lower lot prices, making homeownership and rental units more accessible.
Communities like Centerville, Lake Norton, and Box Elder are seeing results. They have thousands of new lots and housing units being developed.
A Long-Term Commitment
With $100 million allocated to low-interest loans, HIFP aims to create a revolving loan fund, supporting housing development for years to come.
South Dakota Housing is working with the Housing Needs Study Program. This program helps communities find gaps and plan well. Together, they are creating a path for sustainable growth.
Episode Mentions
Housing Infrastructure Financing Program (HIFP)
Harvest Pointe Housing Development
Centerville Development Corporation
About Amy Eldridge
Amy Eldridge is the Director of Rental Housing Development at South Dakota Housing. Her leadership in managing programs like HIFP has been key in solving infrastructure problems. It has also helped housing development across the state.