$200 million housing bill signed into law
PIERRE, S.D. – On Wednesday, Governor Kristi Noem signed SB41, a bill that authorizes $200 million in state and federal funding to be used for investments in housing. The bill contains an emergency clause and will take effect immediately.
The law gives the South Dakota Housing Development Authority the ability to disburse $100 million for loans to construct housing infrastructure and $50 million in grants for housing infrastructure from the 2022 budget surplus, as well as $50 million in federal funds.
30 percent of the funds would go to communities with 50,000 or more people, and 70 percent would go to the rest of the state.
This comes after a substantially similar housing law was passed in 2022, but the money was never disbursed because of technical issues with the way that the bill was written. SB41 was written to correct these technical issues.
“We are thankful that this bill has been revised so that these dollars can now be deployed. As South Dakota’s economy continues to boom, we have consistently ranked at or near the top of the country for fastest new housing development,” said Governor Kristi Noem. “However, even this impressive growth has not kept up with new residents moving into our state. This will enable us to attract even more Freedom-loving Americans to fill South Dakota’s open jobs.”
South Dakota currently ranks 2nd among the 50 states in new housing development over the past 12 months, according to the United States Census Bureau.
This is the second bill signed into law in South Dakota’s 2023 legislative session.
