GROW SD Awarded Housing Funds
Thursday, January 10, 2019
Funds In late 2018, GROW South Dakota was awarded just over $370,000 from the South Dakota Housing Opportunity Fund (HOF) to support two affordable housing programs that will support South Dakotans with low and moderate income.
GROW SD received grants for its down payment assistance program for persons earning 115% or below of the area median income. Recipients will typically receive a $5,000 zero-percent interest deferred loan, which is not due to be paid until the first mortgage on the home is paid off. One grant provides $165,000 for down payment loans in rural areas of the state, and the second grant provides $98,553 for loans in Sioux Falls and Rapid City.
The organization also received $110,000 to fund home improvement projects in rural areas in eastern and south-central South Dakota for homeowners earning 80% or less of the area median income. The goal of these projects will be to make the homes safer, healthier and more energy efficient. Homeowners will receive five-year forgivable loans, which they need not repay if they stay in their homes. “We are very excited to receive these highly needed funds as we currently have 400 people on our waiting list,” GROW SD CEO Marcia Erickson said. “It will help us continue to pursue our goal of supporting stable, sustainable communities, which is the ultimate goal of these programs.”
Altogether, in November 2018, SDHDA awarded more than $13.2 million for affordable housing, $2.0 million of which from HOF. The HOF program is 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 HOF was created via Senate Bill 235 the “Building South Dakota Fund” during the 2013 legislative session and is administered by the South Dakota Housing Development Authority. HOF funds may be used for a variety of affordable housing activities.
Category: GROW SD