The South Dakota Housing Development Authority (SDHDA) announced that it has approved $2.6 million in low-income housing tax credits (LIHTCs), $3.4 million in HOME funds, and $1.7 million in Housing Opportunity Funds for 22 projects across the state.
However, the demand was more than double the available funding.
“SDHDA was once again faced with more applications than sufficient resources to fund all eligible projects,” said Lloyd Schipper, chairman of the SDHDA board of commissioners, in a statement.
SDHDA received 13 LIHTC applications requesting more than $5.3 million, 11 HOME applications requesting more than $6.2 million, and 24 Housing Opportunity Fund applications requesting more than $3.8 million. South Dakota’s Housing Opportunity Fund was created during the 2013 legislative session to promote economic development in the state by expanding the affordable housing supply for low- and moderate-income households.
The 22 projects will provide 255 newly constructed and 50 rehabilitated multifamily housing units as well as 16 new and 11 rehabilitated single-family homes. The funding also provides 45 individuals and families with down payment assistance and 150 individuals and families with homelessness prevention assistance.
Some of the developments receiving funding include:
- Beacon Apartments: 14 units for persons with developmental disabilities in Sioux Falls. South Dakota Achieve and Lloyd Cos. received a tax credit award of $174,392 and $339,901 in HOME funds;
- Madison Park Townhomes: 40 new affordable housing units in Vermillion. G.A. Hahn Development received a tax credit award of $526,534 and $685,000 in HOME funds;
- Rapid City Good Samaritan Housing: 50 units of congregate care housing for persons 62 and older in Rapid City. The Evangelical Lutheran Good Samaritan Society received a tax credit award of $535,000 and $439,387 in HOME funds;
- Westwood Apartments: 56 new affordable housing units in Sioux Falls. Grandview, LLC, received a tax credit award of $535,000 and $685,000 in HOME funds;
- Whisper Rock Apartments: 62 new affordable housing units in Rapid Valley. Costello Investments received a tax credit award of $535,000, $685,000 in HOME funds, and $270,000 in Housing Opportunity Funds; and
- Yankton Heights Apartments: 30 new affordable housing units in Yankton. St. Joseph Catholic Housing received a tax credit award of $290,274, $600,000 in HOME funds, and $146,611 in Housing Opportunity Funds.
For a complete list of the awards, visithttp://www.sdhda.org/sdhda-main-website/sdhda-news/sdhda-awards-77-million-in-housing-development-and-rehabilitation-funding.