Bill > HB1113

This bill establishes a manufactured housing downpayment assistance program, which will be administered by an authority as a revolving loan fund to help eligible individuals purchase manufactured homes. The program will be funded with up to five million dollars from the South Dakota housing infrastructure fund, and eligible applicants can receive a loan of up to ten thousand dollars for a downpayment. To qualify, an applicant's household income must not exceed 120% of the state's area median income, and the manufactured home purchased must be located in South Dakota, meet federal construction and safety standards (specifically 24 C.F.R. Part 3280), and comply with local zoning laws for single-family residences. These loans will have a zero percent interest rate and will be secured by a second lien on the home, becoming due upon the sale of the home or when the primary loan is paid off. All repaid loan funds will be redeposited into the South Dakota housing infrastructure fund to be used for future loans under this program.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/26971