The maturity of a loan and amortization of payments are as follows:

1. (1) For a project consisting solely of multifamily housing, a maturity date up to thirty years from the date of loan closing, with payments amortized over not more than thirty years; and
2. (2) For all other loans, a maturity date of up to five years from the date of loan closing, with payments amortized over not more than twenty years. However, upon an affirmative vote of two-thirds of the board members present and voting, loans for projects other than multifamily housing may be made with a maturity date up to ten years from the date of loan closing, with payments amortized over not more than twenty years.

Source: 34 SDR 68, effective September 13, 2007; 39 SDR 16, effective August 6, 2012; 46 SDR 123, effective May 12, 2020 ; 52 SDR 49, effective November 17, 2025 .

General Authority: SDCL 1-16G-5 , 1-16G-8 (7)(10).

Law Implemented: SDCL 1-16G-5 .

Prior versions effective: 2020-05-12, 2012-08-06.