SDHDA Awards $7.2 Million in Housing Development and Rehabilitation Funding

Posted by South Dakota Real Estate

May 10, 2008

The South Dakota Housing Development Authority’s Board of Commissioners recently approved more than $2.3 million in Housing Tax Credits and $4.9 million in HOME Investment Partnership Program funding for housing development and preservation across the state.

“We had a high level of competition with both Housing Tax Credits and HOME funds this year,” said Bob Sutton, President of the South Dakota Community Foundation and SDHDA Board Chair. “The Housing Tax Credit and HOME developments approved will provide nearly $35 million in total development, strengthening South Dakota’s housing stock and boosting our state’s economy.”

In August of 2005, the SDHDA Board adopted the practice of allowing for forward reservations of future Housing Tax Credits allocated to South Dakota. A majority of the Housing Tax Credits awarded during this application round actually represent the state’s anticipated 2009 allocation.

The eleven developments funded will provide residents with 187 newly constructed multifamily housing units, 23 newly constructed single family housing units, and 200 rehabilitated multifamily and elderly housing units. In addition one development was funded with additional Housing Tax Credits.

“These programs address unique housing needs of communities around the state,” said Mark Lauseng, SDHDA Executive Director. “We are pleased to be able to provide funding for these developments to increase affordable housing opportunities for South Dakotans.”

The Internal Revenue Code of 1986 established the Housing Tax Credit Program as an incentive for construction, rehabilitation and acquisition/rehabilitation of housing for low-income households. Developers of housing tax credit projects typically raise equity capital for their projects by syndicating the tax credits to investors who are willing to invest in the project. The investors’ return is the annual tax credit and other economic benefits generated by the project. The U.S. Department of Treasury annually allocates South Dakota in excess of $2 million. SDHDA, as the credit-issuing agency, is responsible for the administration of the tax credits to qualifying housing developers.

The HOME Investment Partnership Program provides funds to developers and/or owners for acquisition, new construction, and rehabilitation of affordable housing. SDHDA receives approximately $3.5 million per year from the U.S. Department of Housing and Urban Development for affordable single and multifamily housing opportunities statewide.

Below is information regarding funded recipients:

Development Name: Northlake Apartments
Development Location: Lakeview Drive, North Sioux City
Developer: McDonald Ladd Development, LLC
Housing Tax Credits Reserved (Additional): $120,506
Development Summary: The new construction of a 40 unit multifamily rental project within 5 buildings. There will be 32 three-bedroom and 8 four-bedroom apartment units.
Development Name: Barker Hill Homes
Development Location: Agency Village
Developer: Dakota Nation Housing Development Authority
Housing Tax Credits Reserved: $272,044
Development Summary: The new construction of a 21 unit multifamily rental project; with all units being three-bedroom single family homes.
Development Name: Wellington Park Apartments
Development Location: 2815 East 11th Street, Sioux Falls
Developer: St. Joseph Catholic Housing, Inc.
Housing Tax Credits Reserved: $114,635
Development Summary: The acquisition and rehabilitation of an existing multifamily rental project consisting of 23 apartment units within 1 building. There are 12 one-bedroom and 11 two-bedroom
apartment units.
Development Name: Accessible Housing Group Homes
Development Location: 1100 S. Blaine, 3413 S. Phillips Avenue, 3700 E. 41st Street & 2501 Kensington Street, Sioux Falls
Developer: Lloyd Companies
Housing Tax Credits Reserved: $151,396 / HOME Funds Reserved: $566,606
Development Summary: Accessible Housing is the acquisition/rehabilitation and new construction of 34 units within 4 buildings. There will be 29 Single Room Occupancy and 5 zero-bedroom units.
Development Name: Bristol Court Apartments
Development Location: TBD S. Hosta Avenue, Sioux Falls
Developer: Costello Realty
Housing Tax Credits Reserved: $564,049 / HOME Funds Reserved: $281,388
Development Summary: The new construction of a 60 unit multifamily rental project within 5 buildings. There will be 22 two-bedroom, 20 three-bedroom, and 18 four-bedroom apartment units.
Development Name: Brooks Townhomes
Development Location: TBD E. 54th Street, Sioux Falls
Developer: Brooks Townhomes, LLC
Housing Tax Credits Reserved: $535,938 / HOME Funds Reserved: $510,859
Development Summary: The new construction of a 64 townhome unit multifamily rental project in 10 buildings. There will be 36 two-bedroom and 28 three-bedroom townhome units.
Development Name: Grandview Apartments & Townhomes
Development Location: 1010 W. 7th Street & 1011 W. 8th Street, Mitchell,
Developer: Grandview, LLC
Housing Tax Credits Reserved: $186,408 / HOME Funds Reserved: $918,616
Development Summary: The acquisition and rehabilitation of an existing multifamily rental project consisting of 34 apartment and townhome units within 5 buildings. There are 14 one-bedroom apartment units; along with 11 two-bedroom and 9 three-bedroom townhome units.
Development Name: Prairie Village Senior Apartments II
Development Location: 4907 E. 41st Street, Sioux Falls
Developer: TRK Development, Inc.
Housing Tax Credits Reserved: $182,821 / HOME Funds Reserved: $315,000
Development Summary: The new construction of a 31 unit housing for older persons (62 or older) rental project in 1 building. There will be 14 one-bedroom and 17 two-bedroom apartment units.
Development Name: Spring Hill Apartments
Development Location: 932 – 945 S. Blaine Avenue, Sioux Falls
Developer: St. Joseph Catholic Housing, Inc.
Housing Tax Credits Reserved: $267,661 / HOME Funds Reserved: $826,147
Development Summary: The acquisition and rehabilitation of an existing multifamily rental project consisting of 60 apartment units within 6 buildings. There are 60 one-bedroom apartment units.
Development Name: Dakota Square Apartments
Development Location: 1902 North Dakota Avenue, Aberdeen
Developer: Dakota Square Partners Limited Partnership
HOME Funds Reserved: $1,250,000
Development Summary: The rehabilitation of an existing multifamily rental project consisting of 55 apartment units within 4 buildings. There are 2 one-bedroom, 32 two-bedroom, 20 three-bedroom, and 1 four-bedroom apartment units.
Development Name: Oakwood Apartments
Development Location: 1200 East Clark Street, Vermillion
Developer: Oakwood Apartments Limited Partnership
HOME Funds Reserved: $270,000
Development Summary: The rehabilitation of an existing multifamily rental project consisting of 28 apartment and townhome units within 3 buildings. There are 24 two-bedroom apartment units and 4 three-bedroom townhome units.
Development Name: OKICIYAPI TIPI Habitat for Humanity
Development Location: Lots 7 & 8, Block 5, Eagle Butte
Developer: OKICIYAPI TIPI Habitat for Humanity
HOME Funds Reserved: $25,000
Development Summary: The new construction of 2 three-bedroom single family ranch style homes for sale to qualified Habitat for Humanity families.

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For more information and qualifications you may request more information by calling 605.773.3181, or writing to SDHDA at P.O. Box 1237, Pierre, SD 57501-1237. The South Dakota Housing Development Authority (SDHDA) is an independent, quasi-public agency that finances and develops affordable housing opportunities for low and moderate-income residents throughout South Dakota. SDHDA is totally self-supporting and receives no tax money, appropriations or other funding from the State. SDHDA does not discriminate against any person because of race, color, creed, religion, sex, disability, familial status or national origin. SDHDA is a proud partner of the State’s 2010 Initiative to “Brand and Develop South Dakota’s Quality of Life as the Best in America.” For more information, visit www.sdhda.org or www.2010initiative.com.

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