Over $7 Million Available to Developers for Affordable Housing Development

South Dakota Housing Development Authority (SDHDA) has over $7 million available to financially assist developers in increasing or rehabilitating existing affordable housing for South Dakotans.

Nearly $5 million in HOME funds and $2.3 million in Housing Tax Credits (HTC) will be allocated to successful applicants. The low interest rate loan provided through the HOME Program and the equity capital that can be obtained through the syndication of the Housing Tax Credits provides the financial incentives for developers to construct or rehabilitate housing for low-income households.

“The federal funding provided by the HOME and Housing Tax Credit Programs provides incentives for additional capital expenditures to occur in our State and provide affordable housing options that cannot be created entirely with conventional financing,” stated Mark Lauseng, executive director of SDHDA.

Applications for the HOME and HTC funding are due to SDHDA on Friday, February 29, 2008 at 5:00 p.m. Central Time. The HOME and HTC administrative plans, which outline the application process and program requirements can be found on the SDHDA website, www.sdhda.org or they may be requested by contacting patty (at) sdhda (dot) org or calling SDHDA at 605-773-3181. The application form, rent and income limits, and contact information are also available on SDHDA’s website.

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.

The South Dakota Housing Development Authority…Building a Better Quality of Life