Housing Opportunity Fund

The South Dakota Housing Opportunity Fund (HOF) is a grant program designed to foster economic development in South Dakota by increasing the availability of decent, safe, sanitary, and affordable housing for families and individuals. This aligns with a foundational mission to support community well-being and economic stability through essential housing solutions. The HOF is administered by South Dakota Housing and the SD Housing Board of Commissioners, ensuring a strategic approach to addressing housing needs across the state. The target beneficiaries of the HOF include low to moderate-income households, with a maximum income at or below 115% of the county or state area median income (AMI), whichever is higher, as determined by HUD criteria. The impact goals are broad, aiming to expand housing options, prevent homelessness, and improve accessibility for individuals with disabilities. This comprehensive approach seeks to create a more equitable and supportive housing landscape for vulnerable populations. The HOF prioritizes various activities to achieve its goals. These include new construction or the purchase and rehabilitation of rental or homeownership housing, housing preservation (such as home repair grants and grants for accessibility modifications), homelessness prevention activities, and support for community land trusts. For development projects, there are application limits of $350,000 for rural development and $150,000 for urban development, ensuring a focused allocation of funds. Eligible projects encompass new construction, acquisition, and rehabilitation of rental housing, as well as the purchase and rehabilitation of homeownership housing, substantial or moderate rehabilitation, housing preservation, and rehabilitating homes for individuals with disabilities. The expected outcomes include an increased supply of affordable housing units, improved housing conditions, and reduced instances of homelessness. Measurable results would involve tracking the number of housing units created or preserved, the number of households served, and the number of homes made accessible. The underlying theory of change is that by investing in diverse housing solutions and supporting eligible entities, the HOF can directly address the housing crisis, stimulate economic growth, and enhance the quality of life for South Dakota residents.