PIERRE, S.D. (KELO-AM) - Housing and homeless advocates across the state are celebrating the creation of the South Dakota Housing Opportunity Fund. The fund will be used to preserve and expand sustainable, affordable and safe housing in communities throughout the state.
“We will be able to develop the housing our communities’ need, while also generating jobs and local economic activity. South Dakota neighborhoods thrive when there is a wide variety of affordable housing available” reflects Patty Bacon, Habitat for Humanity - SD.
The SD Housing Opportunity Fund (SDHOF) is part of a five-pronged economic development initiative passed by the legislature that will receive funding through the Building South Dakota Fund. The Housing Opportunity Fund will provide financing for the construction or rehabilitation of rental or homeowner housing, the preservation of existing affordable homes, home repair to increase accessibility and efficiency, homelessness prevention activities, as well as investing in community land trusts. The Housing Opportunity Fund will receive 25% of Building South Dakota Fund resources, and will be administered by the South Dakota Housing Finance Authority.
“We send our heart-felt thanks to Senator Corey Brown, and the leadership in both the Senate and House. This is a real win-win for South Dakotans,” said Lori Moen, Grow South Dakota.
South Dakota becomes the 47th state with at least one statewide trust fund. Nationally Housing Trust funds have provided thousands of affordable homes to more than a million people. Housing Trust fund investments have created jobs which have generated millions of dollars in local economies.
“The Housing Opportunity Fund is going to benefit South Dakotans who most urgently need affordable housing: working families, senior citizens, and people with disabilities,” said Shireen Ranschau, SF Housing & Redevelopment Commission.