Additional Funding Available for the Development of Affordable Housing
PIERRE, S.D. – South Dakota Housing Development Authority (SDHDA) announces approximately $3.6 million available for the February application cycle. Funding consists of the HOME Investment Partnerships, Housing Trust Fund, and Neighborhood Stabilization programs. Funding can be utilized to assist communities in addressing their local housing needs.
The $900,000 of HOME funds available, is designated for Community Housing Development Organizations (CHDOs). CHDO designations are determined by SDHDA and interested applicants are encouraged to contact Chas Olson, with SDHDA prior to submitting an application to determine if their organization meets the CHDO requirements.
The HOME program, funded by the U.S. Department of Housing and Urban Development, provides funds to developers and/or owners for acquisition, new construction and rehabilitation of affordable housing.
The Housing Trust Fund provides financing to expand the supply of decent, safe and affordable housing for extremely low income South Dakotans. Funding is targeted to 30 percent of the Area Median Income and below. This funding source has $2 million available for allocation.
The Neighborhood Stabilization program provides emergency assistance to eligible entities to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization program has $700,000 available for allocation.
The HOME, Housing Trust Fund, and Neighborhood Stabilization program allocation plans and application forms can be found on SDHDA’s website at www.sdhda.org. Complete applications must be received at SDHDA on Thursday, February 28, by 5 p.m. CST.
Applicants are also advised that beginning January 1st, SDHDA is accepting on-going applications for HOME program funds under the Rural Housing Development Set-aside. The available funding is $1 million and restricted for projects located in communities of 5,000 or less in population. Applicants may request up to $200,000 per application.
Starting January 1st, applicants may also submit applications for the on-going application cycle for the Housing Opportunity Funds (HOF). Applicants may only request HOF for rental or homeownership development. For projects located in Sioux Falls or Rapid City, the maximum funding request per application is $157,200. For projects located outside of Sioux Falls or Rapid City, the maximum funding request per application is $366,800.
Applicants may request two or more of the available funding sources within one application. For more information on the housing development programs, please contact a Housing Development officer, at 800.540.4241 or visit SDHDA’s website at www.sdhda.org.