South Dakota Housing Awards More Than $60 Million for Affordable Housing in South Dakota

PIERRE, SD (12.10.25) – South Dakota Housing’s Board of Commissioners recently awarded $59.4 million to support the construction and rehabilitation of multifamily and single-family rental housing across the state. An additional $742,500 was awarded to nine programs that provide affordable housing assistance.

The developments received $42 million in bond financing, $3.25 million in Housing Infrastructure Financing, $4.19 million in Housing Tax Credits, $6.26 million in HOME Investment Partnership Program funds, $1.93 million in Housing Opportunity Funds and $2.62 million in Housing Trust Funds.

The developments that received Board approvals for funding:

BHAHFH Urban Homebuyer Assistance: Black Hills Area Habitat for Humanity received approval for $55,000 in Housing Opportunity Fund funding for a homebuyer assistance program that will assist approximately five homeowners at or below 80 percent of the area median income for Pennington County.

Burke Friendship Village Rehab Project: Burke Housing Authority received approval for $452,000 in a Housing Opportunity Fund loan. The development will be rehabilitation of eight units in Burke. There will be eight one-bedroom units for tenants at or below 115% AMI.

Cornerstone Rescue Mission Urban Homelessness Prevention: Cornerstone Rescue Mission received approval for $55,000 in Housing Opportunity Fund funding for homelessness prevention activities that will assist 30 households at or below 80 percent of the area median income for Rapid City.

East Creek Village Project: Black Hills Habitat for Humanity received approval for $729,431 in a Housing Infrastructure Financing Program grant. The project consists of infrastructure development for 40 single family lots.

Fall River Health Services Housing Development: Fall River Health Services received approval for $1,159,089 in a Housing Infrastructure Financing Program grant. The project consists of infrastructure development for 35 single family lots and 36 multifamily units in Hot Springs.

FPDC-Governor’s Homes: Fort Pierre Development Corporation received approval for $240,000 in a Housing Opportunity Fund loan. The development will be new construction of two single family Governor’s Houses. Each home will be three bedrooms and two baths in Fort Pierre. Potential homebuyers must income qualify at or below Governor’s House income limits.

GROW Rural Homebuyer Assistance: GROW South Dakota received approval for $123,750 in Housing Opportunity Fund funding for a homebuyer assistance program that will assist approximately 30 homeowners at or below 80 percent of the area median income for rural South Dakota communities.

HAPI Rural Homebuyer Assistance: Homes Are Possible, Inc. received approval for $82,500 in Housing Opportunity Fund funding for a homebuyer assistance program that will assist approximately 35 homeowners at or below 80 percent of the area median income for rural South Dakota communities.

ICAP Rural Homeowner Rehab: Inter-Lakes Community Action Partnership received approval for $129,800 in Housing Opportunity Fund funding for a homebuyer rehabilitation program that will assist approximately 16 homeowners at or below 50 percent of the area median income for rural South Dakota communities in ICAP’s service area.

James Street Villas: Mesner Development Company received approval for $1 million in a HOME loan, $216,486 in a Housing Trust Fund loan and $495,773 in Housing Tax Credits resulting in nearly $4 million in Housing Tax Credit equity. The development will construct 20 new units for seniors (55+) in Vermillion. There will be 18 two-bedroom units for tenants at or below 60% AMI. Two units will be market rate.

Kangas West Addition Phase II: Kangor Venture, LLC received approval for $346,570 in a Housing Infrastructure Financing Program grant. The project consists of infrastructure development for 21 single family lots.

Madison Park Townhomes Phase III: G.A. Haan Development, LLC. received approval for $1 million in a HOME loan and $832,632 in Housing Tax Credits resulting in more than $6.6 million in Housing Tax Credit equity. The development will construct 34 new units in Vermillion. There will be 14 two-bedroom units and 13 three-bedroom units for tenants at or below 60% AMI. Seven units will be at market rate.

MAHI Rural Homebuyer Assistance: Mitchell Area Housing received approval for $129,800 in Housing Opportunity Fund funding for a homebuyer assistance program that will assist approximately 31 homeowners at or below 80 percent of the area median income for Mitchell.

NLS Urban Homebuyer Assistance: Neighborhood Lending Services, LLC received approval for $55,000 in Housing Opportunity Fund funding for a homebuyer assistance program that will assist approximately six homeowners at or below 115 percent of the area median income for Rapid City.

NWDHR Rural Homeowner Rehab: NeighborWorks Dakota Home Resources received approval for $56,150 in Housing Opportunity Fund funding for a homeowner rehab program that will assist approximately eight homeowners at or below 115 percent of the area median income for the black hills area.

NWDHR Rural Homeowner Rehab: NeighborWorks Dakota Home Resources received approval for $55,000 in Housing Opportunity Fund funding for a homeowner rehab program that will assist approximately three homeowners at or below 115 percent of the area median income for the Rapid City.

OLHA SD LIHTC #2: Oglala Lakota Housing Authority received approval for $871,913 in Housing Tax Credits resulting in more than $6.5 million in Housing Tax Credit equity. The development will construct 24 single family homes for rental in Pine Ridge. Each home will be three-bedrooms and two bathrooms with a car port and storage shed for tenants at or below 60% AMI.

Peak View Apartments II: Buxton Enterprises, LLC received approval for $1,000,000 in a HOME loan, $600,000 in a Housing Trust Fund loan and $740,000 in Housing Tax Credits resulting in more than $5.8 million in Housing Tax Credit equity. The development will be new construction of 32 units in Spearfish. There will be 8 one-bedroom units and 22 two-bedroom units for tenants at or below 60% AMI. Two units will be market rate.

Pine View Properties: Pine View Properties LLC received approval for $264,914 in a HOME loan and $500,000 in a Housing Opportunity Fund loan. The development will construct two twin homes in Canistota. Each home will be three bedrooms and two baths for tenants at or below 60% AMI for the HOME/HOF unit and 115% AMI for the HOF unit. The two remaining units will be market rate.

Roosevelt Street Apartments: Solara LLC received approval for $1,016,691 in a Housing Infrastructure Financing Program loan. The project consists of infrastructure development for 236 multifamily units in Vermillion.

Rosa Parks Apartments: Affordable Housing Solutions received approval for $1,000,000 in a HOME loan, $600,000 in a Housing Trust Fund loan and $569,593 in Housing Tax Credits resulting in nearly $4.5 million in Housing Tax Credit equity. The development will be new construction of 29 units in Sioux Falls. There will be 9 one-bedroom, 12 two-bedroom units and 8 three-bedroom units for tenants at or below 60% AMI.

Southeastern Behavioral Apartments: Southeastern Behavioral, LLC received approval for $1 million in a HOME loan, $600,000 in a Housing Trust Fund loan and $132,000 in Housing Tax Credits resulting in $1.1 million in Housing Tax Credit equity. The development will construct 55 new units for permanent supportive housing in Sioux Falls. There will be 20 single room occupancy units, 18 studio units, 14 one-bedroom units and 3 two-bedroom units for tenants at or below 60% AMI.

The Rhys Apartments: Big Red Development, LLC received approval for up to $42 million in bond financing. The development will construct 178 new units in Sioux Falls. There will be 48 two-bedroom units, 114 three-bedroom units and 16 four-bedroom units for tenants at or below 60% AMI.

The Summit at Van Eps Apartments: The Summit at Van Eps, LLC received approval for $1,000,000 in a HOME loan, $600,000 in a Housing Trust Fund loan and $548,859 in Housing Tax Credits resulting in $4.3 million in Housing Tax Credit equity. The development will be new construction of 28 units in Madison. There will be 3 studio units, 15 one-bedroom, 6 two-bedroom units and 4 three-bedroom units for tenants at or below 60% AMI.

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About South Dakota Housing
South Dakota Housing Development Authority was created by the South Dakota Legislature in 1973 with a stated mission to provide opportunities for quality, affordable housing for South Dakotans. South Dakota Housing is a self-supporting, nonprofit entity known for our commitment for providing innovative financing solutions to create and preserve affordable housing. South Dakota Housing utilizes housing bonds, tax credits, and other federal and state resources to fund housing programs which provide mortgage and downpayment assistance, housing construction and rehabilitation, homelessness prevention, rental assistance, and educational opportunities.

For more information:
Chas Olson, Executive Director, SD Housing, 605.773.3181