HIFP was created in 2022 when a House Bill was passed to provide loans and grants for the building and construction of housing infrastructure. The SDHDA - HIFP consists of $200 million in State funds awarded statewide through two-year grants or loans. 30 percent of $200 million in State funds is split between Rapid City and Sioux Falls, meaning $30 million in grants and $30 million in loans go to Rapid City and Sioux Falls combined. The remaining 70 percent is divided amongst all other areas in South Dakota.
At this time, applications are projected to become available on Monday, July 24th at noon. Applicants will be awarded on a first come, first served basis.
Eligible Applicants include:
- For-Profit Entities
- Non-profit Entities
- Tribal Governments
- Housing Authorities
- Local Economic Development Corporations
- Political Subdivisions of the State
The SDHDA – HIFP is designed to contribute to the costs of rental and homeownership projects, along with the installation, replacement, upgrade, or improvement of public infrastructure housing single families and multiple families. Certain restrictions apply for those who are eligible. Ineligible costs include items such as the debt of the applicant and the acquisition and/or construction of property that is not considered public infrastructure.
Additionally, there are funding limitations in effect, like not exceeding 1/3 of the total project costs and no more than $10,000 for multi-family housing projects and $25,000 for single family housing projects.
Applicants must demonstrate and provide a variety of information, one of which being a local housing need as demonstrated by a Market Study.
Applicants must comply with the contractor bonding standards. To be considered as an applicant, applicants must demonstrate certain terms and conditions are being met.
To see if you qualify and to learn more on how to apply, along with the terms and conditions, Click Here.