Title 11 — PLANNING, ZONING AND HOUSING PROGRAMS

It is hereby declared: (1) That there exists within this state a serious shortage of sanitary, decent, and safe residential housing at prices or rentals which people of the state can afford; that this shortage has contributed to and will contribute to the creation and persistence…

There is hereby created and established a body politic and corporate with duties and powers as established in this chapter, to be known as the South Dakota Housing Development Authority to carry out the provisions of this chapter. The authority is hereby constituted an independen…

The authority may acquire real or personal property, or any interest therein, on either a temporary or long-term basis in the authority's own name by gift, purchase, transfer, foreclosure, lease, or otherwise, including rights or easements in real property; hold, sell, assign, le…

The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their well being and prosperity and for the improvement of their social and economic conditions, and the authority shall not be required to pay any tax or as…

The authority, to carry out and effectuate the purposes and provisions of this chapter, may: (1) Contract for services with architects, engineers, attorneys, accountants, housing construction and financial experts, and other advisers, consultants, and agents and to fix their comp…

11-11-113

The authority is attached to the Governor's Office of Economic Development for reporting purposes. Source: SL 1979, ch 351 , § 33; SDCL Supp, § 28-19-10.1; SL 2003, ch 272 (Ex. Ord. 03-1), § 50; SL 2011, ch 1 (Ex. Ord. 11-1 ), § 95, eff. Apr. 12, 2011.

11-11-115 Applications--Signatures and certification required--Perjury. 11-11-116 Repealed by SL 2012, ch 78 , § 73. 11-11-117 Construction to be substantially completed, or final insurance or guarantee certificate issued before loan disbursed. 11-11-118 Additional lending powers…

All applications for a mortgage under the single - family homeownership program, and all financial statements, income statements, income tax returns, and other information, if any, required to accompany such applications under regulations of the authority shall be confidential, e…

Each application submitted to the authority shall be signed by the applicant and by an officer of the originating mortgage lender and shall certify under oath subject to penalties for perjury that all material facts have been disclosed to the best of the knowledge of the signator…

Repealed by SL 2012, ch 78 , § 73.

The authority may not disburse a loan for the acquisition of a homeownership housing unit until construction is substantially complete or the final insurance or guarantee certificate has been issued. Source: SL 1980, ch 204 , § 17; SDCL Supp, § 28-19-102.6; SL 1981, ch 221 , § 4;…

The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the powers set forth in §§ 11-11-119 to 11-11-135 , inclusive, in addition to others herein granted. Source: SL 1973, ch 180 , § 17; …

The authority may invest in, purchase or make commitments to purchase, and take assignments from mortgage lenders, of notes and mortgages evidencing loans for the construction, rehabilitation, purchase, leasing, or refinancing of housing in this state. Source: SL 1973, ch 180 , §…

The powers of the authority shall be vested in seven commissioners, who shall be residents of the state, to be appointed by the Governor. Not more than four of the commissioners may be of the same political party. Source: SL 1973, ch 180 , § 4; SDCL Supp, § 28-19-11; SL 1975, ch …

The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if: (1) Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States govern…

Repealed by SL 2012, ch 78 , § 75.

The authority may make loans to mortgage lenders under terms and conditions requiring the proceeds to be used by such mortgage lenders for the making of new residential mortgages. Source: SL 1973, ch 180 , § 17 (2); SDCL Supp, § 28-19-105; SL 2012, ch 78 , § 76.

Terms and conditions of the purchase and sale to mortgage lenders of mortgage loans and loans to mortgage lenders, shall be as set forth in §

No obligation purchased from a mortgage lender, other than an obligation purchased from or guaranteed by an agency or instrumentality of the United States government, shall be eligible for purchase or commitment to purchase by the authority under § 11-11-119 unless at or before t…

11-11-134 Purchase of federally insured housing mortgages. 11-11-135 Sale or transfer of mortgage loan or obligation. 11-11-136 Repealed by SL 2012, ch 78 , § 87. 11-11-137 Court actions to enforce loans or protect the public interest--Foreclosure. 11-11-138 Receiver appointed to…

Notwithstanding the provisions of any other law, no officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the authority or his service thereto. Source: SL 1973, ch 180 , § 7; SDCL…

The authority may make commitments to purchase, and purchase, service, and sell federally insured mortgages and make loans directly upon the security of any such mortgage, if the underlying mortgage loans have been made and continue to be used solely to finance or refinance the c…

The authority may sell or otherwise dispose of, at public or private sale, with or without public bidding, or assign or transfer, any mortgage loan or other obligation held by the authority, including, without limitation, the transfer of a mortgage loan or other obligation to any…

Repealed by SL 2012, ch 78 , § 87.

The authority may institute any action or proceeding against any housing sponsor or persons and families receiving a loan pursuant to the provisions of this chapter, or owning any housing development or housing project pursuant to the provisions of this chapter in any court of co…

In connection with any action or proceeding pursuant to § 11-11-137 , the authority may apply for the appointment of a receiver to take over, manage, operate, and maintain the affairs of such housing sponsor, and the authority through such agent as it shall designate is hereby au…

In the event of the reorganization of any housing sponsor, such reorganization shall be subject to the supervision and control of the authority, and no such reorganization shall be had without the prior written consent of the authority. Source: SL 1973, ch 180 , § 15; SDCL Supp, …

Notwithstanding any other law to the contrary it shall not be or constitute a conflict of interest for a director, officer, or employee of any financial institution, investment banking firm, brokerage firm, commercial bank or trust company, architecture firm, insurance company, o…

In the event of a judgment against any housing sponsor in any action not pertaining to the foreclosure of a mortgage, there shall be no sale of any of the real property included in any housing development hereunder of such housing sponsor except upon sixty days' written notice to…

The authority may promulgate rules pursuant to this chapter, regarding the definition of persons and families of low and moderate income, the regulation of borrowers, the admission of occupants to housing developments pursuant to this chapter, and the construction of ancillary co…

Mortgage loans and other financing made by the authority to housing sponsors of multifamily residential housing units and sponsors of day-care facilities shall be subject to the terms and conditions set forth in §§ 11-11-148 to 11-11-161 , inclusive, as applicable. Source: SL 197…

No application for a loan for a housing development shall be processed unless the applicant is a housing sponsor as defined in §

The ratio of loan to total housing development cost and the amortization period of loans made under this chapter which are insured by the Federal Housing Administration (FHA) shall be governed by the FHA mortgage insurance commitment for each housing development; but in no event …

The commissioners shall serve five - year terms, with no more than two commissioners appointed to any one term, with each term beginning July first and ending on June thirtieth. Each commissioner shall be appointed for a term ending five years from the date of expiration of the t…

In the case of a mortgage loan not insured by FHA the amount of the loan may not exceed one hundred percent of the total housing development cost as determined by the authority and the amortization period of such loan shall be determined in accordance with regulations formulated …

Each mortgage loan made or other financing provided by the authority shall contain such terms and provisions and be in such form as approved by the authority. With respect to multifamily residential housing projects and day-care facilities, the authority may also assist the devel…

The authority shall have authority to set from time to time the interest rates at which it shall make loans and commitments therefor. Such interest rates shall be established by the authority at the lowest level consistent with the authority's cost of operation and its responsibi…

11-11-155 Surety bonds and other assurances of payment and performance. 11-11-156 Repealed by SL 2012, ch 78 , §§ 99 to 103. 11-11-161 Conditions of mortgage loan or other financing. 11-11-162 Repealed by SL 2012, ch 78 , § 105. 11-11-163 Supervision of multifamily residential ho…

Repealed by SL 2012, ch 78 , § 97.

If the authority is providing mortgage financing, the authority shall require the housing sponsor receiving a loan or its contractor to post surety bonds or other assurances of payment of labor and materials, and construction performance in such amounts as the authority may deem …

Before entering into a commissioner's duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the…

As a condition of a mortgage loan or other financing, the authority may, at all times during the construction or rehabilitation of a housing development or housing project by a housing sponsor and the operation thereof: (1) Order such alterations, changes, or repairs as may be ne…

Repealed by SL 2012, ch 78 , § 105.

The authority, in the supervision of housing sponsors of multifamily residential housing units and day-care facilities and their real and personal property, may: (1) Prescribe uniform systems of accounts and records for housing sponsors; (2) Require housing sponsors to make repor…

11-11-170 11-11-170 to 11-11-174. Repealed by SL 1983, ch 106 , §§ 4GG to 4KK 11-11-175 Repealed by SL 2012, ch 78 , §§ 112 to 115. 11-11-179 Retirement and redemption of investments in sponsor of multifamily units and day-care facilities. 11-11-180 General power to make rules an…

A commissioner shall be removed from office by the Governor for misfeasance, malfeasance, or willful neglect of duty or other cause after notice and public hearing unless such notice or hearing shall be expressly waived in writing. Source: SL 1973, ch 180 , § 4; SDCL Supp, § 28-1…

The authority shall have the power, in the supervision of housing sponsors of multifamily residential housing units and day - care facilities and their real and personal property, to regulate the retirement of any capital investment or the redemption of stock where any such retir…

The commissioners shall elect from among their number a chairman and a vice - chairman annually and such other officers as they may determine. Source: SL 1973, ch 180 , § 5; SDCL Supp, § 28-19-17.

The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, to make and publish rules and regulations respecting its lending programs and such other rules and regulations as are necessary to effectuate it…