As a condition precedent to the initial or final closing of an authority mortgage loan or other authority financing, the applicant shall execute a regulatory agreement with the authority and any other accompanying documents regulating the development, construction or rehabilitation, and operation of the proposed housing development under the act and this chapter. The authority's regulatory agreement shall contain provisions concerning the retention of an equity position by for profit housing sponsors, operational assurance requirements, and related matters to ensure the operational stability of housing developments.

Source: SL 1975, ch 16, § 1; 2 SDR 31, effective October 30, 1975; transferred from § 45:01:06:17, effective July 1, 1979; 6 SDR 98, effective April 6, 1980; 10 SDR 4, effective July 27, 1983; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 22 SDR 64, effective November 12, 1995; SL 2012, ch 79, § 41, effective July 1, 2012.

General Authority: SDCL 11-11-30 , 11-11-128, 11-11-141 , 11-11-143, 11-11-165, 11-11-168, 11-11-180.

Law Implemented: SDCL 11-11-141 , 11-11-142 , 11-11-151 , 11-11-156 , 11-11-157, 11-11-158.