An applicant must provide a minimum equity contribution of 20 percent of the total project costs. In-kind contributions, completed work, and unencumbered tangible security may be applied toward the equity contribution and total project costs if, in the judgment of the office and the lender, such contributions sufficiently contribute to the current project.

Source: 17 SDR 141, effective March 25, 1991; SL 2019, ch 235, § 37 and 38, effective April 14, 2019.

General Authority: SDCL 1 -53-30 .

Law Implemented: SDCL 1-53-24, 1-53-29 .

Prior versions effective: 1991-03-25.