Financial incentives offered to build, rehab rental housing

Financial incentives offered to build, rehab rental housing The South Dakota Housing Development Authority (SDHDA) has released the 2004-2005 Housing Tax Credit Qualified Allocation Plan (QAP) which provides the process for rental housing owners and developers to apply to the Authority for financial incentives to acquire, rehabilitate, and build rental housing.

South Dakota will have a little over $2 million in Housing Tax Credits available in both 2004 and 2005.

The SDHDA Board of Commissioners also recently approved the 2004-2005 HOME Investment Partnership Program Plan. About $3.8 million in low-interest loans are expected to be available in 2004 through the Authority under this program, which can be used for both rental and homeownership.

Notable changes in the HOME Plan include eliminating the specific funding set-aside for the Housing Choice Voucher Program and adding the Tenant-Based Rental Assistance Program as an eligible activity.

The Housing Tax Credit QAP's changes are in relation to the maximum per unit costs, application cycle and enhancement to the development characteristics.

Applications will be accepted for both HOME funds and Housing Tax Credits until the last working day of February of each year. If funds remain following the application cycle, SDHDA will accept applications on a first-come, first-serve basis. Interested parties are encouraged to visit SDHDA's Web site for availability of funds.

In 2003, over $4.1 million in HOME funds were committed. In addition, Housing Tax Credits generated more than $26 million in affordable rental housing across the state.

The 2004-2005 Housing Tax Credit Qualified Allocation Plan (QAP), the 2004-2005 HOME Plan, the joint HOME/HTC application, and the Relocation Assistance Policy are available for distribution and may be obtained by accessing them on the SDHDA homepage at www.sdhda . org , by requesting a copy via e-mail to tasha@sdhda.org, by calling (605) 773-3181, or writing to SDHDA at P.O. Box 1237, Pierre, SD 57501-1237. Applications for the competitive round are due by 5 p.m. on Feb. 27, 2004.

SDHDA is an independent, quasi-public agency that finances and develops affordable housing opportunities for low and moderate-income residents throughout South Dakota. SDHDA is totally self-supporting and receives no tax money, appropriations, or other funding from the state. SDHDA does not discriminate against any person because of race, color, creed, religion, sex, handicapped, familial status or national origin.

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