HOME Progam

The primary purpose of the HOME program is to expand the supply of decent, safe, sanitary, and affordable housing for very low-income and low-income households. Participating Jurisdictions develop their own programs in partnership with local governments, nonprofit organizations, and the private sector. The HOME program provides funds to developers and/or owners for acquisition, new construction, and rehabilitation of affordable housing.

American Dream Downpayment Initiative (ADDI) PDF Term Sheet

Set-Asides

SDHDA distributes HOME funds geographically throughout eligible areas of the state, taking into consideration the following percentage set-asides:

CHDO	15%
Homeowner Rehab Program	$500,000
Governor’s House Pilot (click to view Financing Term Sheet in .pdf format)	$300,000
Security Deposit Assistance Program Term Sheet pdf Security Deposit Assistance Application	$100,000

 

Eligibility Requirement

HOME funds may be invested in both rental and homeownership activities; however, affordability periods, occupancy requirements, property standards, low-income benefit requirements, and other federal requirements must be fulfilled. The minimum amount of HOME funds invested in a project that involves rental or homeownership housing is $1,000 per each HOME assisted unit in a project. Refer to the HOME Program Allocation Plan for details regarding eligibility requirements.

Eligible Activities

Eligible activities include new construction, rehabilitation, rental conversion, rental acquisition with rehabilitation, rental refinancing with rehabilitation, homeowner rehabilitation, and homebuyer programs. Refer to the HOME Program Allocation Plan for details regarding eligible activities.

Application Procedure

Applications must be received at the SDHDA office in Pierre by 5 p.m. on the last working day of February for the annual application round. SDHDA may hold additional application rounds if available funds remain. HOME funds are reserved, awarded, or distributed in a process which complies with the needs and priorities outlined in the State Consolidated Plan. Quality and feasibility of a proposed project is also taken into account.

E-mail Ron Wagner,
Housing Development Officer, with your HOME questions.
Phone: (605)773-5897