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South Dakota Housing Development Authority Act

South Dakota · Planning, Zoning and Housing Programs · §§ 11-11-1 to 11-11-99 · 141 sections

Overview

This act establishes a state housing development authority, governed by appointed commissioners subject to eligibility, term, political-balance, and conflict-of-interest requirements, and gives it broad powers to finance residential housing. The authority may make mortgage loans, purchase mortgages and securities from mortgage lenders, lend to those lenders to fund new residential mortgages, acquire and dispose of real property, and finance sponsors of multifamily units and ancillary facilities such as day care, subject to eligibility criteria for both the obligations it acquires and the sponsors it assists. It also grants exemptions from taxes, recording fees, and transfer taxes, protects the confidentiality of applicant financial information while requiring certified applications, authorizes rulemaking over borrowers and occupant admission, and supplies remedies — court enforcement, foreclosure, receivership, and oversight of a distressed sponsor's reorganization — to protect the authority's loans.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 3 court decisions.

Most-cited authority: 188 F. Supp. 2d 1148 - Oti Kaga, Inc. v. South Dakota Housing Development Authority

Sections covered

Enacted in other states

Virginia

All South Dakota named statutes →

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