South Dakota Housing’s Board of Commissioners has awarded (Dec. 12, 2023) nearly $30 million to assist South Dakotans with newly constructed multifamily housing, single family housing, multifamily rehabilitation and housing infrastructure. Among the recipients are organizations from Kimball and Murdo.
In Kimball, the Kimball West Curb & Gutter project received a nearly $172,000 ($171,892) grant from the Housing Infrastructure Financing Program. The project will develop infrastructure for 13 single family lots.
For Murdo, the Murdo Double Governor’s House Project is getting $186,000 for the development of two Governor’s Houses. Each will consisting of three bedrooms and two bathrooms for home buyers at or below 70% of the state median income for a one- or two-person household or at or below 80% of the state median income for a three- or more person household. The homes will be on unfinished basements.
In total, the 26 developments funded will provide South Dakotans with 127 newly constructed multifamily housing units, 25 newly constructed single family housing units for rental, 72 rehabbed multifamily units and 8 new single-family homes. In addition, the developments will provide infrastructure development for an estimated 2,815 single family lots and 1,449 multifamily units.
The developments will receive $18.8 million in Housing Infrastructure Financing, $3.32 million in Housing Tax Credits, $4.49 million in HOME Investment Partnership Program funds, $859 thousand in Housing Opportunity Funds and $2.29 million in Housing Trust Funds.
Below are brief explanations of each program:
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The Housing Tax Credit program is an IRS program designed to inject equity into housing projects, so there is no debt associated with tax credits.
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HOME is typically repaid as 0% loans but SD Housing sets aside $500k annually which can be forgiven over time. One project received a forgivable HOME loan and the rest were 0% loans.
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Housing Trust Fund is a mixture of both forgivable and repaid loans, typically depending on whether the applicant is a non-profit or for-profit. Non-profits usually get them as forgivable loans because there are little to no tax implications for them. For-profits typically pay them off either with debt service payments or defer the loan which is typically then due on sale or refinance of the property. In all cases, the loans are 0%.
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HOF can be repaid at 0% or in some cases forgiven. Yesterday one HOF forgivable loan was awarded, the rest were 0% loans.
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HIFP can be both grants and 2% loans. One 2% HIFP loan was awarded and the rest were grants.
Below is information about all of the funding recipients.
Housing Infrastructure Financing Program
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Development name: Kimball West Curb & Gutter
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Development location: S Babcock St.; W 1st, 2nd, 3rd St.; N Pazour St; W Railroad St., Kimball
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Developer: Kimball West LTD, LLC
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HIFP General Grant Funds approved: $171,892
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Development summary: The project consists of infrastructure development for 13 single family lots.
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Development name: 143rd Avenue and Country Road Trunk Sewer Extension
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Development location: Rapid City
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Developer: City of Rapid City
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HIFP General Grant Funds approved: $3,317,984
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Development summary: The project consists of the expansion of the sanitary sewer and replacement of the Country Road Lift Station, which will provide capacity for approximately 2,100 single family lots.
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Development name: 41st and Ellis Project
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Development location: SW 41st Street and Ellis Road, Sioux Falls
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Developer: C. R. Lloyd Associates, Inc.
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HIFP General Grant Funds approved: $1,928,566
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Development summary: The project consists of infrastructure development for 390 multifamily units.
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Development name: Armour’s East Development
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Development location: 1304 2nd Street, Armour
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Developer: City of Armour
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HIFP General Grant Funds approved: $675,000
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Development summary: The project consists of infrastructure development for 27 single family lots.
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Development name: Aspen Ridge
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Development location: Brandon
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Developer: Aspen Ridge, LLC
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HIFP General Loan Funds approved: $6,107,567
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Development summary: The project consists of infrastructure development for 277 single family lots and 145 multifamily units.
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Development name: Gurney Flats Apartments
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Development location: Yankton
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Developer: Stencil Group II, LLC
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HIFP General Grant Funds approved: $531,967
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Development summary: The project consists of infrastructure development for 104 multifamily units.
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Development name: Hill Street Apartments
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Development location: Spearfish
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Developer: Stencil Group, LLC
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HIFP ARPA Grant Funds approved: $941,283
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HIFP General Grant Funds approved: $1,158,717
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Development summary: The project consists of infrastructure development for 210 multifamily units.
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Development name: JAG Development, LLC
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Development location: Adams Dr. and Jefferson Dr., Milbank
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Developer: JAG Development, LLC
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HIFP General Grant Funds approved: $825,000
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Development summary: The project consists of infrastructure development for 33 single family lots.
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Development name: Marquette Twinhomes
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Development location: 709 N Marquette Ave, Sioux Falls
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Developer: Glammeier Enterprises, LLC
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HIFP General Grant Funds approved: $136,830
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Development summary: The project consists of infrastructure development for 14 single family lots.
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Development name: Milbank Hunt Addition – Phase 1
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Development location: Northridge Ave., Milbank
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Developer: JanMark, LLC
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HIFP General Grant Funds approved: $753,007
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Development summary: The project consists of infrastructure development for 32 single family lots.
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Development name: Shepherd Hills North Valley Drive Extension
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Development location: Rapid City
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Developer: Yasmeen Dream, LLC
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HIFP General Grant Funds approved: $2,283,356
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Development summary: The project consists of infrastructure development for 319 single family lots and 600 multifamily units.
Housing Tax Credit, HOME, Housing Trust Fund, and Housing Opportunity Fund Programs
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Development name: Murdo Double Governor’s House Project
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Development location: TBD, Murdo
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Developer: Murdo Development Corporation
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Housing Opportunity Funds approved: $186,000
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Development summary: The development of two Governor’s Houses – each consisting of three-bedroom, two-bathrooms – for homebuyers at or below 70 percent of the state median income for a one- or two-person household or at or below 80 percent of the state median income for a three- or more person household. The homes will be on unfinished basements.
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Development name: Blackstone Flats Apartments
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Development location: North Valley Park Subdivision, Rapid City
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Developer: Blackstone Flats Apartment, LP
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Housing Tax Credits approved: $685,000 ($5,617,000 in HTC equity)
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HOME Funds approved: $1,000,000
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Housing Trust Funds approved: $600,000
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Development summary: The new construction of a three-story apartment building containing 35 housing units for individuals and families at or below 60 percent of the area median income. There will be 10 one-bedroom units, 17 two-bedroom units, and eight three-bedroom units.
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Development name: Brookings Area HFH Homeownership
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Development location: TBD Silver Creek Circle, Madison
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Developer: Brookings Area Habitat for Humanity
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Housing Opportunity Funds approved: $85,000
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Development summary: The new construction of a single family home containing four bedrooms, two bathrooms and a two-stall garage for a homebuyer at or below 50 percent of the area median income for Lake county.
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Development name: Copper Flats Apartments
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Development location: TBD South Capital Street, Mitchell
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Developer: Copper Flats, LLC
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Housing Tax Credits approved: $648,000 ($5,313,600 in HTC equity)
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HOME Funds approved: $1,000,000
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Housing Trust Funds approved: $600,000
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Development summary: The new construction of a three-story apartment building containing 35 housing units for individuals and families at or below 60 percent of the area median income. There will be 10 one-bedroom units, 17 two-bedroom units, and eight three-bedroom units.
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Development name: East 71st St. N. Single Family Homes
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Development location: 1700 and 1704 E. 71st Street N., Sioux Falls
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Developer: Habitat for Humanity of Greater Sioux Falls
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Housing Opportunity Funds approved: $150,000
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Development summary: The new construction of two single family homes for homebuyers at or below 80 percent of the area median income for Minnehaha county. One home will be four bedrooms, two bathrooms and a two-stall garage and the other will be five bedrooms, two bathrooms and a two-stall garage.
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Development name: Foss Flats Senior Living
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Development location: 1000 S. Foss Avenue, Sioux Falls
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Developer: TRK Development, Inc
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Housing Tax Credits approved: $685,000 ($5,617,000 in HTC equity)
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HOME funds approved: $1,000,000
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Housing Trust Funds approved: $597,608
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Development summary: The new construction of a three-story apartment building containing 49 housing units for individuals ages 55+ at or below 60 percent of the area median income. There will be 23 one-bedroom units and 26 two-bedroom units.
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Development name: H47 Bliss Pointe Vermillion
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Development location: 1206 Rockwell Street, Vermillion
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Developer: Habitat for Humanity of Clay and Yankton Counties
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Housing Opportunity Funds approved: $98,000
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Development summary: The new construction of a single family home on an unfinished basement containing three bedrooms and one bathroom for a homebuyer at or below 80 percent of the area median income for Clay county.
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Development name: Halley Ave Homeownership Project
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Development location: TBD Halley Avenue, Rapid City
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Developer: Black Hills Area Habitat for Humanity
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Housing Opportunity Funds approved: $80,000
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Development summary: The new construction of a single family home containing four bedrooms and two bathrooms for a homebuyer at or below 80 percent of the area median income for Pennington county.
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Development name: Hub Area Habitat for Humanity Home Build
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Development location: 1726 Ward Drive, Aberdeen
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Developer: Hub Area Habitat for Humanity
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Housing Opportunity Funds approved: $110,000
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Development summary: The new construction of a three-bedroom, two bathroom Governor’s House for homebuyers at or below 70 percent of the state median income for a one- or two-person household or at or below 80 percent of the state median income for a three- or more person household. The home will have a finished basement with two additional bedrooms and a bathroom and a two-stall garage.
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Development name: ICAP Community Commons
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Development location: 409 N. Western Avenue, Sioux Falls
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Developer: Inter-Lakes Community Action Partnership
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Housing Opportunity Funds approved: $150,000
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Development summary: Additional funding for the rehab of the heating and cooling system ductwork to meet current fire code requirements in a non-congregate shelter building containing ten units for individuals and families.
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Development name: LifeScape Washington Home
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Development location: 1203 N. Willow Creek Avenue, Sioux Falls
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Developer: South Dakota Achieve Inc, dba LifeScape
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HOME Funds approved: $494,400
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Housing Trust Funds approved: $494,400
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Development summary: The new construction of a duplex apartment building containing eight single room occupancy units for young adults ages 18-24 with developmental, mental and/or behavioral disabilities at or below 50 percent of the area median income.
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Development name: Mary’s Heights Apartments
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Development location: TBD Challenger Way, Watertown
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Developer: St. Joseph Catholic Housing
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Additional Housing Tax Credits approved: $177,015 ($1,593,135 in HTC equity)
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Development summary: Additional funding needed due to funding source changes for the new construction of a three-story apartment building containing 39 housing units for individuals and families at or below 80 percent of the area median income. There will be 19 one-bedroom units, 12 two-bedroom units and eight three-bedroom units.
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Development name: OLHA SD LIHTC #1
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Development location: SD Highway 18 and Emma Street, Martin
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Developer: Oglala Lakota Housing Authority
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Housing Tax Credits approved: $684,932 ($5,479,455 in HTC equity)
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HOME funds approved: $1,000,000
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Development summary: The new construction of 25 single family homes containing a carport and storage shed for tenants at or below 60 percent of the area median income for Bennett county. There will be nine one-bedroom homes, eight two-bedroom homes and eight three-bedroom homes.
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Development name: Tanglewood Apartments, Bluff Edge Apartments, Rolling Hills Apartments
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Development location: Tanglewood – 2116 7th Avenue, Belle Fourche
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Bluffs Edge – 2630 Cottontail Drive, Sturgis
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Rolling Hills – 727 South 34th Street, Spearfish
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Developer: MetroPlains Development Partners, LLC
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Housing Tax Credits approved: $435,193 ($3,568,580 in HTC equity)
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Development summary: The acquisition and rehab of three separate apartment buildings containing 72 housing units for individuals and families at or below 60 percent of the area median income. There are eight one-bedroom units, 46 two-bedroom units, and 18 three-bedroom units.
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