Housing Opportunity Fund

The South Dakota Housing Opportunity Fund (HOF) is designed to promote economic development in South Dakota by expanding the supply of decent, safe, sanitary, and affordable housing for families and individuals in South Dakota. Donor Name: South Dakota Housing State: South Dakota County: All Counties Type of Grant: Grant Deadline: (mm/dd/yyyy) 08/30/2024 Size of the Grant: $100,000 to $500,000 Grant Duration: Grant Duration Not Mentioned Details: The HOF is being administered by South Dakota Housing and the SD Housing Board of Commissioners. HOF funds may be used for new construction or the purchase and rehabilitation of rental or homeownership housing, housing preservation, including home repair grants and grants to make homes more accessible to individual with disabilities, homelessness prevention activities, and community land trusts. Any for-profit entity, nonprofit entity, tribal government, housing authority, political subdivision of this state or agency of such subdivision, or agency of this state is eligible to apply for funding. Funding Information Development Projects Rural Development: Application Limit of $350,000 Urban Development: Application Limit of $150,000 Eligible Activities Activities allowed under HOF include:  Rental Housing  New construction, acquisition, rehabilitation, or conversion of a building for rental housing (permanent or transitional) are eligible activities. Homeownership  Funds may be used for new construction, or acquisition with rehabilitation of single-family housing units. Eligibility Criteria Eligible Projects HOF funds may be used for new construction, acquisition and rehabilitation of rental housing, the purchase of homeownership housing, substantial or moderate rehabilitation of rental or homeownership housing, housing preservation, including home repair, and rehabilitating homes to make them accessible to individuals with disabilities, homelessness prevention activities, and community land trusts. Housing developments previously receiving HOF funds will not be considered as an eligible project until such time the initial affordability period or the extended use period has been met.  Eligible Applicants Any for-profit entity, nonprofit entity, tribal government, housing authority, political subdivision of this state or agency of such subdivision, or agency of this state is eligible to apply for funding. No individual may apply for funding directly unless authorized by SDHDA.  Eligible Households HOF funds shall be targeted to serve low to moderate income households with a maximum income at or below one hundred fifteen percent (115%) of the county areamedian income (AMI) or state area median income (AMI), whichever is higher, based on the U.S. Department of Housing and Urban Development (HUD) criteria. For more information, visit HOF.