Housing and its Importance

Housing plays an integral part in community development, no matter the size. The need for quality, affordable housing continues as the job market continues to grow and people's needs change.  South Dakota legislators are continuing to look at ways to assist with the housing demand across the state. Be sure to reach out and work with your legislators and community leaders to confirm that your area's needs are being addressed.  Check out this link to catch up on previous sessions and future agendas for the summer housing study. In addition to your legislators, there are specific contacts at South Dakota Housing Development Authority that can help answer more particular program questions.   Chas Olson – Director of Rental Housing Development, 773-4132   Mike Harsma – Director of Single Family Development and Governor's House Program, 773-5236   Lorraine Polak – Executive Director of South Dakota Housing Development Authority, 773-3181

The first step to addressing housing is to get a housing study completed. This article explains what you will get from the study.

What are the results that come from a housing study? What are the needs that can be addressed and what should be done with those results?

GOED and Housing  GOED does have a program available to assist with housing needs.  Our goal is to focus on rural areas where (typically) lower rent costs deter development because better returns on investment can be obtained in urban areas. By offering REDI financing, the reduced borrowing costs will increase returns on investment in rural areas therefore incentivizing projects.  High Level Takeaways    Eligible borrowers will be able to utilize funds for construction financing up to 18 months with interest only payments. After that the loan will flip to permanent financing with 30 year amortization/10 year balloon. Standard REDI loan interest (currently 2%) will apply.  Must be multi-family housing; Dakota Plex is eligible  Projects must be in populations less than 50,000  Units must match current housing study needs   If you have questions on starting a housing study, reach out to Chas from the Housing Development Authority.

If you have questions on GOED's housing program, please contact us!

‌ GOED Loans Approved in July: 5  These funds will be spread across the following industries: Tech, Agriculture, and Food manufacturing spaces.

GOED has approved housing funding for 300+ Units

Learn how a town of 882 people have addressed housing needs in their community. A full story on Centerville's success can be seen by clicking below. Read more here Yankton is working through some of their needs and addressing the townhome shortage. They're looking at bringing in an additional 100+ units over the next few years!

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RFI progress in the last month!

Last chance to register for the Fuel the Growth conference focused on Economic Development 101. This is a great opportunity to learn ten topics of economic development. Check out the agenda.

Register Here

Scholarship opportunity

Agenda Here

The Economic Development Professionals Association (EDPA) of SD is partnering with us on the fall economic development workshop - Fuel the Growth. They are providing 10 $200 scholarships to South Dakota organizations that otherwise might not be able to attend.