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"The
State created the Authority in 1973 and gave them a $12,420 State
grant to get started. Within a year, they paid that back,
and have never received a dime since. That Board has taken
the responsibility the Legislature vested in it to bring capital
into this state and reinvest it in sound loans for quality housing
for low and moderate income families." Governor
Janklow's comments concerning Moody's upgrade to SDHDA's General
Obligation Bond Rating to Aa3 from A1.
"Management has
been able to consistently improve the Authority's financial position
while effectively managing its costs. The SDHDA's staff adds
an additional degree of credit security to bondholders by ensuring
continuing financial and loan portfolio maintenance." Excerpts
from Moody's 1/28/02 Press Release announcing the upgrade.
At last year's Annual Conference, as I marveled at all we have accomplished
together, I committed that, after almost 30 years' of identifying
and securing outside capital in support of affordable housing, we
at SDHDA would not "rest on our laurels." It is with that
same commitment and the fact that the final Census 2000 housing
information will be released this summer that we are embarking upon
the "Statewide
Housing Needs Analysis 2002"
to evaluate the progress, determine the ongoing needs, and continue
to plan for the future." The last time we pursued such a project
was in 1990. We look forward to your participation in this
critically important endeavor.
With fully one quarter of calendar year 2002 and three quarters
of our fiscal year 2002 behind us, here is the report on the progress
toward our goals thus far this year.
- All three members
of Congress have re-stated their commitment in support of legislation
to increase the First-time Homebuyer Program Purchase Price
Limits;
- First-time homebuyer
loan commitments are at $143 million, up $25 million from a
year ago;
- Sales of the Governor's
Houses exceed 800;
- New HOME fund applications
exceed available funds by more than 60% with preservation/rehabilitation
representing the majority of applications;
- Community meetings
to focus on preservation planning for best use of vacant elderly
rental housing have begun;
- State Homebuyer
Education Resource Organization formal nonprofit status was
received and foundation grant funding is being pursued for distribution
to qualified providers;
- Invitations
have been sent for our Fifth Annual Paint
- South Dakota to
be held June 8 and July 13; and
- 289 affordable
HOME and Housing Tax Credit units have been placed in service
to provide quality, affordable housing for qualified families
from Yankton, Vermillion, Sioux Falls, Wagner and Corson County.
In addition, HUD's SuperNOFA
has been released, and we will be pursuing Continuum of Care and
Homeowner Counseling funding.
Finally--whether they serve on our volunteer Board of Commissioners--whether
they answer the telephone, process the paperwork, or receive the
visitors--whether they supervise the inmates who construct the Governor's
Houses or move them, or whether they review the First-time Homebuyers
loans, the underwriting of a new affordable rental project or perform
the annual project file and physical condition reviews, I remain
in awe of the commitment you find at SDHDA--the commitment to give
all who choose to live in South Dakota an opportunity for decent,
safe, and affordable housing.
We remain dedicated to you, our partners, who affect the outcome
of our commitment, and we appreciate and encourage your continued
input and contributions toward our mutual goals of affordable homeownership
and preservation of affordable and subsidized rental apartments.
To Spring--a new season--another beginning,
Dar Baum, Executive Director
SDHDA
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