Loans or other authority financing may be provided to rural site development projects which meet the following criteria:
- (1) The applicant must provide evidence of credit worthiness and repayment ability;
- (2) The applicant must provide a plan for the development including the use of a qualified development team including all skills anticipated to be required for the eventual success of the development project;
- (3) In evaluating projects for funding, the authority may give a preference for those applications which establish the lowest purchase price and income limits for homes constructed on the development project.
Source: 22 SDR 64, effective November 12, 1995.
General Authority: SDCL 11-11-30 , 11-11-128 , 11-11-141 , 11-11-143 , 11-11-165 , 11-11-180.
Law Implemented: SDCL 11-11-99 , 11-11-110 , 11-11-118.