November 25, 2015

SDHDA Awards $10.4 Million in Housing Development and Rehabilitation Funding

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  • For More Information: Mark Lauseng, Executive Director, 605-773-3181

South Dakota Housing Development Authority’s (SDHDA) Board of Commissioners recently approved $2.7 million in Housing Tax Credits, $5.1 million in HOME Investment Partnerships Program funding, $2.6 million in Housing Opportunity Funds (HOF) and $57,000 in Neighborhood Stabilization Program (NSP) funding for housing activities across the state. 

The 29 projects funded will provide South Dakotans with 326 newly constructed multifamily housing units, 19 single-family housing units and 215 rehabilitated multifamily housing units. In addition, 87 individuals and families will be provided with down payment assistance, 78 individuals and families will be provided with home improvement assistance and 35 individuals and families will be provided with homelessness prevention assistance.

“SDHDA was once again faced with more applications than sufficient resources to fund all eligible projects,” said Lloyd Schipper, SDHDA Board chairman. “Based on the Housing Tax Credit, HOME, HOF and NSP funding available, 29 projects were funded which will result in over $56 million in total development costs, strengthening South Dakota’s housing stock and boosting our state’s economy.”

“These programs help address the unique housing needs of South Dakota communities,” said Mark Lauseng, SDHDA Executive Director. “The housing units will help low-income residents, families and elderly residents across the state with a place to call home.”

The Internal Revenue Code of 1986 established the Housing Tax Credit Program as an incentive for construction, rehabilitation and acquisition/rehabilitation of housing for low-income households. Developers of housing tax credit projects typically raise equity capital for their projects by syndicating the tax credits to investors who are willing to invest in the projects. The investors' return is the annual tax credit and other economic benefits generated by the projects. 

The HOME Investment Partnerships Program provides funds to developers and/or owners for acquisition, new construction, and rehabilitation of affordable housing. SDHDA receives approximately $3 million a year from the U.S. Department of Housing and Urban Development for affordable single and multifamily housing opportunities statewide.

The HOF program was created via the “Building South Dakota Fund” during the 2013 Legislative Session and was designed to promote economic development in South Dakota by expanding the supply of decent, safe, sanitary and affordable housing targeted to low and moderate income families and individuals in South Dakota. The Housing Opportunity Fund may be used for new construction, the purchase and rehabilitation of rental or homeownership housing, housing preservation, homelessness prevention activities and community land trusts.

Below is information regarding funded recipients:

Development Name: Arbor Ridge Senior Apartments
Development Location: TBD S. Foss Avenue, Sioux Falls
Developer: TRK Development, Inc.
Housing Tax Credits Reserved: $468,368 (HTC Equity: $4,355,819) / HOME Funds Reserved: $685,000
Development Summary: The new construction of a three-story apartment building containing 61 housing units for persons age 55 and older. There will be 35 one-bedroom units and 26 two-bedroom units.
 
Development Name: Brandon Heights II Apartments
Development Location: 1209 E. Keystone Place, Brandon
Developer: St. Joseph Catholic Housing Inc.
Housing Tax Credits Reserved: $291,484 (HTC Equity: $2,739,950) / HOME Funds Reserved: $746,717
Development Summary: The new construction of a three-story apartment building containing 30 housing units. There will be 6 one-bedroom units, 16 two-bedroom units and 8 three-bedroom units.  
 
Development Name: Central Villas
Development Location: 1901 S. Merton Street, Aberdeen
Developer: Aberdeen Housing Authority and Lloyd Companies
Housing Tax Credits Reserved: $456,223 (HTC Equity: $4,064,950) / HOME Funds Reserved: $731,582
Development Summary: The new construction of a two-story apartment building containing 40 housing units for persons age 55 and older. There will be 30 one-bedroom units and 10 two-bedroom units.
 
Development Name: Chasing Willows II Apartments
Development Location: 4940 E. 54th Street, Sioux Falls
Developer: Costello Investments, LLC
Housing Tax Credits Reserved: $364,132 (HTC Equity: $3,422,845) / HOME Funds Reserved: $523,485
Development Summary: The new construction of a three-story apartment building containing 40 housing units. There will be 20 one-bedroom units, 12 two-bedroom units and 8 three-bedroom units.
 
Development Name: De Smet Townhomes
Development Location: TBD South Calumet Avenue, De Smet
Developer: De Smet Housing and Redevelopment Commission
Housing Opportunity Funds Reserved: $298,500
Development Summary: The new construction of a four-plex townhome building containing 4 housing units. There will be 2 two-bedroom units and 2 three-bedroom units.
 
Development Name: Hills Apartments Rehab Project
Development Location: 1 Spring Creek Road & 158 Williams Street, Deadwood
Developer: Hills Limited Partnership
Housing Opportunity Funds Reserved: $170,000
Development Summary: The rehabilitation of Hills Apartments, which contains 27 housing units. There are 2 one-bedroom units, 19 two-bedroom units and 6 three-bedroom units.
 
Development Name: Meadowlawn Plaza
Development Location: 200 E. 15th Avenue, Mitchell
Developer: Mirus Partners, Inc. and Mitchell Housing Authority
Housing Tax Credits Reserved: $414,820 (HTC Equity: $3,816,344)
Development Summary: The rehabilitation of Meadowlawn Plaza, which contains 105 housing units. There are 103 one-bedroom units and 2 two-bedroom units.
 
Development Name: Northern Lights Apartments
Development Location: 615 Northern Lights Boulevard, Box Elder
Developer: Grandview LLC
Housing Tax Credits Reserved: $291,613 (HTC Equity: $2,741,163) / HOME Funds Reserved: $862,766
Development Summary: The new construction of a three-story apartment building containing 30 housing units. There will be 6 one-bedroom units, 16 two-bedroom units and 8 three-bedroom units.
 
Development Name: Pheasant Valley Courtyard Apartment Renovations
Development Location: 204 S. 4th Street & 604 S. Madison Street, Milbank
Developer: Pheasant Valley Courtyard, LLC
Housing Opportunity Funds Reserved: $150,000
Development Summary: The rehabilitation of Pheasant Valley Courtyard, which contains 60 housing units. There are 30 one-bedroom units, 22 two-bedroom units and 8 three-bedroom units.
 
Development Name: South 3rd Avenue Lofts
Development Location: 405-415 South 3rd Avenue, Sioux Falls
Developer: UHP Affordable Housing I, LP
Housing Opportunity Funds Reserved: $405,000
Development Summary: The new construction of a four-story apartment building containing 82 housing units. There will be 56 one-bedroom units and 26 two-bedroom units.
 
Development Name: Technology Heights Apartments
Development Location: 3800 N. Career Avenue, Sioux Falls
Developer: Sioux Falls Housing Ministry, LLC
Housing Tax Credits Reserved: $365,805 (HTC Equity: $3,328,830) / HOME Funds Reserved: $1,110,000
Development Summary: The new construction of a three-story apartment building containing 39 housing units. There will be 17 one-bedroom units, 13 two-bedroom units and 9 three-bedroom units.
 
Development Name: Whiting Court Apartments
Development Location: 1006 Whiting Drive, Yankton
Developer: Grandview LLC
Housing Tax Credits Reserved: $97,237 (HTC Equity: $914,028) / HOME Funds Reserved: $458,334
Development Summary: The acquisition and rehabilitation of Evergreen Lodge, which contains 17 housing units.  There are 10 one-bedroom units and 7 two-bedroom units.
 
Development Name: Doolittle Construction
Development Location: 140 Doolittle Street, Rapid City
Developer: Black Hills Area Habitat for Humanity
Housing Opportunity Funds Reserved: $52,657
Development Summary: The new construction of a single-family home with four bedrooms and two baths.
 
Development Name: Habitat for Humanity of Greater Watertown Region House #28
Development Location: 210 15th Street NW, Watertown
Developer: Habitat for Humanity of Greater Watertown, Inc.
Housing Opportunity Funds Reserved: $62,000
Development Summary: The new construction of a single-family home with three bedrooms and one bath.
 
Development Name: High Street Rehab
Development Location: 305 NW High Avenue, Wagner
Developer: Wagner Area Growth
Housing Opportunity Funds Reserved: $36,805
Development Summary: The rehabilitation of a single-family home with three bedrooms and one bath.
 
Development Name: Mitchell Regional Habitat for Humanity House #5
Development Location: 615 W. 4th Street, Mitchell
Developer: Mitchell Regional Habitat for Humanity, Inc.
Housing Opportunity Funds Reserved: $60,000
Development Summary: The new construction of a single-family home with three bedrooms and one bath.
 
Development Name: Sioux Falls Neighborhood Revitalization
Development Location: 2500 S. Holly, 521 W. 2nd Street, 313 N. Jessica, 413 W. 16th & 812 S. Spring Avenue, Sioux Falls
Developer: Affordable Housing Solutions
Neighborhood Stabilization Funds Reserved: $57,500
Development Summary: The new construction of five single-family homes each with three bedrooms and one bath.
 
Development Name: SEDF Lot Redevelopment Program Phase 2
Development Location: Scattered Sites, Northwest Sioux Falls
Developer: South Eastern Development Foundation (SEDF)
Housing Opportunity Funds Reserved: $100,000
Development Summary: The acquisition of ten lots and the new construction of a ten single-family homes each with three bedrooms and two baths.
 
Development Name: BASEC Home Improvement Grant/Loan Program
Development Location: Scattered Sites, Spink, Beadle and Kingsbury Counties
Developer: Beadle and Spink Enterprise Community, Inc. (BASEC)
Housing Opportunity Funds Reserved: $137,500
Development Summary: The development of a homeowner rehabilitation program to assist approximately 15 individuals and/or families with rehabilitation and repair work.
 
Development Name: Cornerstone Rescue Mission
Development Location: 30 Main Street, Rapid City
Developer: Cornerstone Rescue Mission, Inc.
Housing Opportunity Funds Reserved: $100,000
Development Summary: Funding for shelter operations and for a homelessness prevention program to assist 15 individuals and/or families with rental deposits, rental assistance and case management.
 
Development Name: Dakota Dreams Savings Fund
Development Location: Statewide
Developer: South Dakota Community Action Partnership
Housing Opportunity Funds Reserved: $125,000
Development Summary: Funding for Individual Development Accounts (IDA) for downpayment and closing cost assistance for approximately 28 individuals and/or families.
 
Development Name: GROW South Dakota Down Payment / Closing Cost Assistance Program
Development Location: Statewide, except for Sioux Falls and Rapid City
Developer: GROW South Dakota
Housing Opportunity Funds Reserved: $165,000
Development Summary: Funding for a homebuyer assistance program to assist approximately 30 homebuyers.
 
Development Name: Habitat for Humanity South Dakota Down Payment Assistance Program
Development Location: Scattered Sites
Developer: Habitat for Humanity – South Dakota, Inc.
Housing Opportunity Funds Reserved: $60,500
Development Summary: Funding for downpayment and closing cost assistance for 11 individuals and/or families.
 
Development Name: ICAP Owner-Occupied Housing Rehab
Development Location: Scattered Sites, Eastern South Dakota
Developer: Inter-Lakes Community Action Partnership
Housing Opportunity Funds Reserved: $166,667
Development Summary: Funding for a homeowner rehabilitation program to assist approximately 30 individuals and/or families with rehabilitation and repair work
 
Development Name: Down Payment / Closing Cost Assistance Project
Development Location: Scattered Sites, Western South Dakota
Developer: Neighborhood Lending Services, LLC
Housing Opportunity Funds Reserved: $130,000
Development Summary: Funding for a homebuyer assistance program to assist approximately 18 homebuyers.
 
Development Name: NWDHR – HO Rehab
Development Location: Scattered Sites, Western South Dakota
Developer: NeighborWorks Dakota Home Resources (NWDHR)
Housing Opportunity Funds Reserved: $200,000
Development Summary: Funding for a homeowner rehabilitation program to assist approximately 33 individuals and/or families with rehabilitation and repair work.
 
Development Name: Single Family Rental Home Improvement Program
Development Location: Scattered Sites, Northeast South Dakota
Developer: Northeast South Dakota Economic Corporation (NESDEC)
Housing Opportunity Funds Reserved: $94,788
Development Summary: Funding for a rental rehabilitation program to assist approximately 6 property owners with rehabilitation and repair work.
 
Development Name: New Yankton Homeless Shelter
Development Location: 304 W. 4th Street, Yankton
Developer: Yankton Homeless Shelter, Inc.
Housing Opportunity Funds Reserved: $52,938
Development Summary: Funding for the acquisition of the Starbrite Inn to be used as the new homeless shelter providing emergency housing for homeless individuals and/or families.
 
Development Name: Rural Office of Community Services, Inc.
Development Location: Scattered Sites, South Eastern and South Central South Dakota
Developer: Rural Office of Community Services, Inc. (ROCS)
Housing Opportunity Funds Reserved: $35,144
Development Summary: Funding for a homelessness prevention program to assist 20 individuals and/or families with rental deposits, rental assistance and case management

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South Dakota Housing Development Authority (SDHDA) is an independent, quasi-public agency that finances and develops affordable housing opportunities for low and moderate-income residents throughout South Dakota.  SDHDA is totally self-supporting and receives no tax money, appropriations or other funding from the State.  SDHDA does not discriminate against any person because of race, color, creed, religion, sex, disability, familial status or national origin.  For more information, visit www.sdhda.org.

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