FEBRUARY 1, 2023:
South Dakota Governor Kristi Noem has signed SB 41, which frees up $200 million to be used to build infrastructure for housing development.
Due to the bill’s emergency clause, the funding is available immediately, which allows it to be sent out prior to this year’s construction season.
In 2022, Noem signed HB 1033 into law. At the time, she identified technical issues with the bill that would prevent the $200 million investment from being deployed. SB 41 fixes those technical issues.
According to the United States Census Bureau, South Dakota currently ranks 2nd among the 50 states in new housing development over the past 12 months.
JANUARY 23, 2023:
PIERRE, S.D. (AP) — The South Dakota House has passed (Jan. 23, 2023) a $200 million fund for housing infrastructure projects. Lawmakers pushed the funding package over its final hurdle in the Legislature after a right-wing group of Republicans sought to thwart its passage. The funding package evenly divides the $200 million between loans and grants from the South Dakota Housing Development Authority for construction companies to build infrastructure projects like roads and water lines around new housing developments. It uses $150 million of state general funds and $50 million in federal funds from the American Rescue Plan Act. It is one of the first pieces of legislation to clear the Republican-controlled Legislature this year.
JANUARY 20, 2023:
How do you spend $200 million in state and federal tax dollars and make everyone happy? That’s the question members of the South Dakota House of Representatives face with Senate Bill 41.
The House debated the Senate-passed measure for over a half hour Friday (Jan. 20, 2023) before deciding to defer the measure, which is now on the House calendar for today (Jan. 23).
Supporters say the $150 million in state funds and $50 million in federal American Rescue Plan Act funds is already delayed a year from being implemented in loans and grants to communities for more housing.
Opponents say all South Dakota taxpayers should get benefit from the funds. They say only a few large building contractors will benefit from the cheaper 2% loan rate.
Supporters say the bill will provide all communities that need housing money an opportunity to obtain loans and grants, thus helping workforce development and economic development.
Opponents also say the measure would create ongoing expenses through a state-owned private bank, new employees, and other ongoing costs.
An attempt to amend the bill to distribute the money to counties failed.
Comments