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A House Where Memories Will be Built

Monday, June 30, 2014

“We wanted to do something more for our children, to give them a home to grow up in and start to build their memories,” said Stephanie Richards, new homeowner. “All of our hard work and determination finally made it happen and our dream came true.”

Myron Doud and Stephanie Richards, along with their six children became new homeowners on January 2, 2014. The family moved into a six bedroom, 2 bath ranch style home with finished basement. Since that time, they have also finished the garage, insulated and sheet rocked it. Their story exemplifies this year’s theme, “USDA: Own Your Future. Own Your Home.” The Doud and Richards family is one of two families to benefit from a Memorandum of Understanding entered into between USDA Rural Development, Sisseton Wahpeton Oyate, acting through the Sisseton Wahpeton Oyate Housing Authority, and Dacotah Bank.

The list of partners assisting the Doud & Richards family include: Rural Development provided a 502 direct loan of $112,000 that was leveraged with a $3,500 Homes Are Possible, Inc. (HAPI) silent mortgage, a $10,000 GROW SD Silent Mortgage for repairs, a $1,000 GROW SD Silent Mortgage for closing costs, and $10,000 NAHI grant for down payment and closing costs, an affordable housing product of Federal Home Loan Bank sponsored by Dacotah Bank. In addition, they entered into the Dakota Dream Savings Fund [(DDSF) which is a Individual Development Account)] program where they set-up financial goals and received coaching from GROW SD. Through this program, the couple was able to save $4,000 which allowed them to obtain an additional $12,000 through the DDSF to use for the down payment. The application was packaged through Grow South Dakota.

“Rural Development gave us an opportunity when everyone else sent us in circles and Grow SD guided us through ever step of the process,” said Richards. “ I can’t express enough how nice it is to have family gatherings including birthday parties where the kids can have their friends over for sleeps overs. Easter was our very first holiday celebrated in our new home and it was awesome!”


Obligation Amount $112,000 502 direct loan
Date of Obligation 12/10/2013
Congressional District At Large - Senator Johnson, Senator Thune, Congresswoman Noem
Partners Homes Are Possible, Inc., Grow SD, NAHI, Dacotah Bank, Federal Home Loan Bank, and Sisseton Wahpeton Oyate
Demographics Sisseton, SD
Impact Homeownership is a critical step on the ladder of opportunity. Homeownership provides financial stability, self-worth, and security for rural families. The new homeowners reside in a StrikeForce County.


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GROW South Dakota
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