Federal Housing Programs: HOME, Tax Credits, and Housing Trust Fund with Amy Eldrige
In the latest episode of The Housing Connection, Amy Eldridge, Director of Rental Housing Development at South Dakota Housing, breaks down the transformative impact of federal housing programs like HOME, Low-Income Housing Tax Credits, and the Housing Trust Fund.
These programs have helped create over a billion dollars for housing development in the state. They provide chances for affordable housing in cities and rural areas.
HOME Program
The HOME program stands out for its flexibility and support for new construction, acquisition, and rehabilitation of rental and homeownership housing. It also includes specialized set-asides, such as homeowner rehabilitation and security deposit assistance, designed to address specific community needs.
Tax Credits Driving Development
Since 1987, South Dakota Housing has allocated over $74 million in tax credits, resulting in 11,000 affordable housing units statewide. By attracting private investment, these credits have generated $630 million in equity to reduce the financial burden on developers.
Housing Trust Fund: Addressing Critical Needs
Focused on extremely low-income households (30% AMI or below), the Housing Trust Fund supports projects like tribal housing and special needs developments. Its favorable financing terms make challenging projects feasible.
A Legacy of Impact
With nearly 16,000 housing units created across programs, these federal initiatives continue to shape South Dakota’s housing landscape, addressing affordability, accessibility, and quality for communities statewide.
Episode Mentions
Federal Home Investment Partnership Program
Department of Housing and Urban Development
Low Income Housing Tax Credit Program
Community Action Program Agencies
Security Deposit Assistance Program
About Amy Eldridge
Amy Eldridge serves as the Director of Rental Housing Development for South Dakota Housing. Her leadership has been key in starting federal housing programs. These programs have made important investments in affordable housing across the state.