South Dakota Housing Introduces New Program for Downpayment Assistance
PIERRE, S.D. (10/13/26) – South Dakota Housing (SDH), in partnership with Gov. Rhoden, is launching a program aimed at assisting first-time homebuyers overcome one of the biggest barriers in purchasing their first home in South Dakota.
Through “Give Me Five,” eligible first-time buyers can receive a 5% boost toward downpayment assistance for their first home, through a five-year forgivable loan.
“Every South Dakotan should have the opportunity to build a strong future right here in our state – and buying a home is often a big part of that process,” said Governor Larry Rhoden. “This initiative, along with the largest property tax cut in South Dakota history, will make homeownership more affordable. It will help South Dakotans put down roots, raise their families, and build a life in the state they call home."
The Give Me Five program will launch Nov. 2, 2026, and will be open to homebuyers who:
Meet First-Time Homebuyer Program income requirements;
Are purchasing a primary residence in South Dakota;
Have not owned a home in the past three years; and
Are wanting to purchase a home with a purchase price of $410,000 or less;
Give Me Five at a glance:
5% of the first mortgage amount in downpayment assistance;
Assistance provided as a second mortgage, with no monthly payments; and
The second mortgage is forgiven after five years of the homebuyer living in the home as their primary residence and all program requirements are met.
“In today’s challenging housing market, first-time homebuyers need every advantage they can get,” said Chas Olson, executive director of South Dakota Housing. “The Give Me Five program will be a valuable tool in helping them overcome affordability barriers and achieve homeownership.”
SDH plans to offer this program for a limited time through participating lenders, with per-beneficiary assistance at five percent of the loan amount. In order to apply for the program, participants must contact a lender to set an appointment.
View Give Me Five participating lenders here: https://www.sdhousing.org/ready-to-buy/find-a-lender#gsc.tab=0
About South Dakota Housing
South Dakota Housing was created by the South Dakota Legislature in 1973 with a stated mission to provide opportunities for quality, affordable housing for South Dakotans. SD Housing is a self-supporting, nonprofit entity known for our commitment for providing innovative financing solutions to create and preserve affordable housing. We utilize 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.
Media Contact
Chas Olson
Executive Director
605.773.3181