Western South Dakota's Only Ranch Station

Sturgis apartment complex gets housing tax credit award

PIERRE, S.D. – South Dakota Housing’s Board of Commissioners today awarded nearly $30 million to assist South Dakotans with newly constructed multifamily housing, single family housing, multifamily rehabilitation, and housing infrastructure.

The developments will receive $18.8 million in Housing Infrastructure Financing, $3.32 million in Housing Tax Credits, $4.49 million in HOME Investment Partnership Program funds, $859 thousand in Housing Opportunity Funds and $2.29 million in Housing Trust Funds.

The 26 developments funded will provide South Dakotans with 127 newly constructed multifamily housing units, 25 newly constructed single family housing units for rental, 72 rehabbed multifamily units and 8 new single-family homes. In addition, the developments will provide infrastructure development for an estimated 2,815 single family lots and 1,449 multifamily units.

“With the addition of Housing Infrastructure Financing Program, this was a record amount of funding awarded for affordable housing and will have a significant impact on South Dakota’s housing landscape in the future,” said Executive Director Chas Olson.

“The developments funded will result in over $116 million in total development costs, creating, preserving and strengthening South Dakota’s affordable housing stock,” said Scott Erickson, SD Housing’s board chairman. “The affordable housing units will help low-income families, elderly residents, and individuals with disabilities with an affordable place to call home.”

In Sturgis, Bluff Edge Apartments at 2630 Cottontail Drive will receive a share of $435,193 in Housing Tax Credits for acquisition and rehab. The Tanglewood Apartments n Belle Fourche and Rolling Hills Apartments in Spearfish will share in the award.

People are also reading...

Weather

loader-image
Rapid City, US
8:14 am, March 4, 2024
temperature icon 29°F
few clouds
Humidity 61 %
Pressure 1013 mb
Wind 11 mph
Wind Gust: 20 mph
Visibility: 0 km
Sunrise: 6:23 am
Sunset: 5:45 pm

Market News

Share via
Copy link