Chapter 11 - South Dakota Housing Development Authority
- Section 11-11-1 - Legislative findings.
- Section 11-11-2 - Declaration of necessity for development authority.
- Section 11-11-3 - Powers necessary for development authority.
- Section 11-11-4 - Declaration of public purposes and public interest.
- Section 11-11-5 - Definition of terms.
- Section 11-11-5.1 - "Single family residential housing" defined.
- Section 11-11-6 - Developments and projects subject to chapter.
- Section 11-11-7 - Sponsors eligible under chapter.
- Section 11-11-8 - Repealed.
- Section 11-11-9 - Costs covered by chapter.
- Section 11-11-10 - Development authority created--Independent instrumentality.
- Section 11-11-11 - Reporting through Department of Tourism and State Development.
- Section 11-11-12 - Appointment of commissioners--Political affiliations.
- Section 11-11-13 - State officers and employees eligible as commissioners.
- Section 11-11-14 - Corporate officers and employees eligible as commissioners--Abstentionon conflict of interests.
- Section 11-11-15 - Terms of office of commissioners--Vacancy--Restrictions onreappointment.
- Section 11-11-16 - Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.
- Section 11-11-17 - Removal of commissioner from office.
- Section 11-11-18 - Officers of commissioners.
- Section 11-11-19 - Meetings of commissioners--Quorum--Majority required for action.
- Section 11-11-20 - Compensation of commissioners.
- Section 11-11-21 - Appointment and duties of executive director--Employment of otherpersonnel--Delegation of powers.
- Section 11-11-22 - Salaries of executive director and other employees.
- Section 11-11-23 - Benefits of state employees extended to authority employees--Retroactivecoverage.
- Section 11-11-24 - Records maintained by secretary--Certified copies--Publication ofresolutions.
- Section 11-11-25 - Powers of local commissions conferred upon authority--Approval by localgoverning body required--Cooperation with local commissions.
- Section 11-11-26 - General powers in implementation of chapter.
- Section 11-11-27 - Corporate powers of authority.
- Section 11-11-28 - Consolidation of processing for developments and projects.
- Section 11-11-29 - Policy favoring private business firms.
- Section 11-11-30 - Bylaws, rules, and regulations.
- Section 11-11-31 - Research and development.
- Section 11-11-32 - Environmental planning--Purposes.
- Section 11-11-33 - Advice and technical assistance to developments, projects and residents.
- Section 11-11-34 - Cooperation with federal and other governmental agencies.
- Section 11-11-35 - Contracts with governmental agencies and private parties--Support andstaff services to South Dakota Building Authority for loans to farmers orranchers pursuant to chapter 5-12.
- Section 11-11-36 - Execution of necessary instruments.
- Sections 11-11-37, 11-11-38 - Acceptance of legislative appropriations--Purposes to which applied. Annual informational budget required--Inclusion in Governor's budget report
- Section 11-11-39 - Acceptance of grants and contributions--Purposes to which applied.
- Section 11-11-40 - Residual powers of authority.
- Section 11-11-41 - Borrowing power of authority--Evidences of indebtedness.
- Section 11-11-42 - Financing, reserves, and incidental costs included in amounts borrowed.
- Section 11-11-43 - Issuance of notes and bonds--Purposes for which used.
- Section 11-11-44 - Validation of notes and bonds issued prior to June 11, 1980, amendments.
- Section 11-11-45 - Amount of notes and bonds--Maximum aggregate principal amount ofqualified private activity bonds.
- Section 11-11-46 - Repealed.
- Section 11-11-47 - Authority as a state housing credit agency under federal law--Allocationof state ceiling of qualified private activity bonds.
- Section 11-11-48 - Compliance with federal conditions for qualified mortgage bonds.
- Section 11-11-49 - Public debt not created by authority obligations--Statement on face ofobligations.
- Section 11-11-50 - Refunding of notes and bonds.
- Section 11-11-51 - Consent of other public agencies not required for bonds or notes--Procedural requirements of other laws not applicable.
- Section 11-11-52 - Terms of notes and bonds--Maturity--Form of instruments--Interest--Redemption--Sale.
- Section 11-11-53 - Notes and bonds as general obligations of authority--Exception.
- Section 11-11-54 - Pledge of revenues to secure notes and bonds.
- Section 11-11-55 - Pledge of assets to secure notes and bonds.
- Section 11-11-56 - Limitations on application of proceeds of notes and bonds.
- Section 11-11-57 - Limitations on additional and refunding notes and bonds.
- Section 11-11-58 - Limitations on use of mortgage income by authority.
- Section 11-11-59 - Limitations on operating expenses of authority.
- Section 11-11-60 - Reserves and sinking funds required by holders of obligations.
- Section 11-11-61 - Procedure for amendment of contracts with noteholders or bondholders.
- Section 11-11-62 - Powers vested in trustee--Appointment by bondholders.
- Section 11-11-63 - Default on obligations defined--Remedies of holders.
- Section 11-11-64 - Other provisions for security of holders of obligations.
- Section 11-11-65 - Trust indenture to secure bonds--Contents--Expenses of trust indenture--Separate trustee not authorized.
- Section 11-11-66 - Pledge binding when made--Attachment of lien.
- Section 11-11-67 - Continuing validity of signatures by commissioners or officers.
- Section 11-11-68 - Federal insurance and guaranties of obligations issued by authority.
- Section 11-11-69 - Purpose of capital reserve fund requirements.
- Section 11-11-70 - Establishment of capital reserve funds--Moneys paid into funds.
- Section 11-11-71 - Amount required in capital reserve fund for each year.
- Section 11-11-72 - Valuation of securities held by capital reserve funds.
- Section 11-11-73 - Transfer to other funds of capital reserve fund income.
- Section 11-11-74 - Purposes to which moneys in reserve funds applied--Maintenance ofrequired amount.
- Section 11-11-75 - Deposit in reserve fund of bond proceeds necessary to maintain requiredamount.
- Section 11-11-76 - Annual budget estimate for restoration of capital reserve fund--Governor'sbudget--Deposit of appropriated funds.
- Sections 11-11-77, 11-11-78 - Other funds created by authority. Purchase of own bonds or notes by authority--Cancellation or resale
- Section 11-11-79 - Price at which notes and bonds repurchased for cancellation.
- Section 11-11-80 - Refunding obligations authorized--Application of provisions applicable tooriginal obligations.
- Section 11-11-81 - Sale or exchange of refunding obligations--Investment of proceedspending redemption of original obligations.
- Section 11-11-82 - Procedural requirements of other borrowing and contract laws notapplicable.
- Section 11-11-83 - Appointment of trustees by holders of obligations after default byauthority.
- Section 11-11-84 - Enforcement of creditors' rights by trustee--Collection of mortgagepayments.
- Section 11-11-85 - Proceedings by trustee on loans to mortgage lenders--Application ofcollateral.
- Section 11-11-86 - Acceleration of bonds or notes by trustee--Annulment of declaration.
- Section 11-11-87 - Notice by trustee before accelerating bonds or notes.
- Section 11-11-88 - Action by trustee on bonds or notes.
- Section 11-11-89 - Injunction action by trustee.
- Section 11-11-90 - Accounting required by trustee.
- Section 11-11-91 - Circuit court jurisdiction of proceedings by trustee.
- Section 11-11-92 - Incidental and residual powers of trustee.
- Section 11-11-93 - Pledge that state will not impair contract--Inclusion in agreement withholders of obligations.
- Section 11-11-94 - Personal liability not created by bonds or notes.
- Section 11-11-95 - Negotiability of bonds and notes.
- Section 11-11-96 - Securities regulation--Bonds treated as securities of state instrumentality.
- Section 11-11-97 - Bonds and notes as legal investments for financial institutions andfiduciaries.
- Section 11-11-97.1 - Authority may contract to manage payment or interest rate risk for bonds.
- Section 11-11-98 - Investment of surplus funds of authority--Securities authorized.
- Section 11-11-99 - Loans to homeowners to cover initial costs.
- Section 11-11-100 - Acquisition and disposition of property by authority--Other laws notapplicable.
- Section 11-11-101 - Exemption of authority from taxes, recording fees and transfer taxes.
- Section 11-11-102 - Contracts for technical and advisory services--Compensation.
- Section 11-11-103 - Refinancing or foreclosure of mortgages in default--Modification ofmortgages--Enforcement--Purchase at mortgage sale--Management ofproperty.
- Section 11-11-104 - Contracts for financial institutions to service mortgages acquired byauthority.
- Section 11-11-105 - Modification of mortgages, loans, and agreements held by authority.
- Section 11-11-106 - Insurance by authority of loans made by mortgage lenders.
- Section 11-11-107 - Insurance of property of authority.
- Section 11-11-108 - Agreements for assistance to authority in finding lenders.
- Section 11-11-109 - Repealed.
- Section 11-11-110 - Mortgage loans to finance construction or rehabilitation of housing.
- Section 11-11-111 - Mortgage loans to purchasers of residential housing.
- Section 11-11-112 - Refusal by private lender not required.
- Section 11-11-113 - Repealed.
- Sections 11-11-114, 11-11-115 - Confidentiality of applications and financial information. Applications--Signatures and certification required--Perjury
- Section 11-11-116 - Surveys of mortgagors to determine program effectiveness--Limitation oninformation that may be required.
- Section 11-11-117 - Construction to be substantially completed, or final insurance or guaranteecertificate issued before loan disbursed.
- Section 11-11-118 - Additional lending powers of authority.
- Section 11-11-119 - Purchase of mortgages from mortgage lenders.
- Section 11-11-120 - Purchase of securities from mortgage lenders.
- Section 11-11-121 - Purchase from lenders of notes originated for sale to authority.
- Section 11-11-122 - Loans to mortgage lenders for new residential mortgages.
- Section 11-11-123 - Requirements for transactions with mortgage lenders.
- Section 11-11-124 - Eligibility of obligations purchased from mortgage lenders for purchase orpurchase commitment--Criteria.
- Section 11-11-125 - Repealed.
- Section 11-11-126 - Price paid by authority for mortgage loans purchased--Accrued interest.
- Section 11-11-127 - Purchase and sale of federally guaranteed or insured mortgage loans.
- Section 11-11-128 - Rules and regulations for loan transactions by authority.
- Section 11-11-129 - Objectives to be secured by rules and regulations.
- Section 11-11-130 - Terms of loans to assure payment of authority obligations.
- Section 11-11-131 - Restrictions on transfer of housing financed by loans originated for sale toauthority.
- Section 11-11-132 - Time allowed mortgage lender to reinvest loans from authority--Eligiblereinvestments.
- Section 11-11-133 - Collateral required on loans to mortgage lenders.
- Section 11-11-134 - Purchase of federally insured housing mortgages.
- Section 11-11-135 - Sale by authority of mortgage or obligation held.
- Section 11-11-136 - Foreclosure against collateral securing loans to mortgage lenders.
- Section 11-11-137 - Actions on loans granted by authority.
- Section 11-11-138 - Receiver appointed to safeguard authority's loan.
- Section 11-11-139 - Reorganization of housing sponsor subject to control by authority.
- Section 11-11-140 - Notice to authority before sale of real property on judgment againsthousing sponsor--Protective steps taken by authority.
- Section 11-11-141 - Rules and regulations of authority--Scope.
- Section 11-11-142 - Contracts with housing sponsors.
- Section 11-11-143 - Rules governing sponsors of single-family units.
- Section 11-11-144 - Provisions governing loans and other financing to sponsors of multifamilyunits and day-care facilities.
- Section 11-11-145 - Rules to conform to federal guidelines.
- Section 11-11-146 - Municipal or county government certification of need and market studyprerequisite to financing multifamily project.
- Section 11-11-146.1 - Market study--Required contents.
- Section 11-11-147 - Temporary construction and development loans for multifamily projectsand day-care facilities.
- Section 11-11-148 - Loans restricted to sponsors meeting statutory definition.
- Section 11-11-149 - Amount and amortization period of FHA loans.
- Section 11-11-150 - Amount and amortization of non-FHA loans.
- Section 11-11-151 - Terms, provisions and form of loans or other financing to be approved.
- Section 11-11-152 - Interest rates on which loans made--Additional charges.
- Section 11-11-153 - Repealed.
- Sections 11-11-154, 11-11-155 - Criteria for determining priority of loans. Bonds and assurances required of sponsor receiving loans
- Section 11-11-156 - Restrictions on rent, charges, property disposition and franchises ofsponsor receiving loans and other financing.
- Section 11-11-157 - Restrictions on profit distribution by housing sponsor receiving loan.
- Section 11-11-158 - Establishment of sponsor's equity in housing development.
- Section 11-11-159 - Rent reductions on accumulation of excess earnings--Increase in reservespermitted.
- Section 11-11-160 - Access of authority to premises of development or project--Inspection andaudits--Costs.
- Section 11-11-161 - Changes and repairs ordered in development.
- Section 11-11-162 - Orders by authority to comply with laws and regulations--Prosecution ofviolations.
- Section 11-11-163 - Accounts, records, and reports required of multifamily unit sponsors andday-care facilities.
- Section 11-11-164 - Access of authority to multifamily units and day-care facilities--Inspectionand audits.
- Section 11-11-165 - Costs allowable in multifamily units and day-care facilities--Audit andcertification.
- Section 11-11-166 - Tenant selection standards for multifamily units.
- Section 11-11-167 - Repealed.
- Section 11-11-168 - Sponsor plans for tenant selection--Regulations.
- Section 11-11-169 - Tenant selection by local commission.
- Sections 11-11-170 to 11-11-174 - Repealed
- Section 11-11-175 - Supervision by authority of maintenance of multifamily unit and day-carefacility--Repairs ordered.
- Section 11-11-176 - Schedule of rents and charges for multifamily unit and day-care facility.
- Section 11-11-177 - Inspection and auditing fees for multifamily units and day-care facilities.
- Section 11-11-178 - Compliance with laws and regulations required in multifamily units andday-care facilities.
- Section 11-11-179 - Retirement and redemption of investments in sponsor of multifamily unitsand day-care facilities.
- Section 11-11-180 - General power to make rules and regulations.
- Section 11-11-181 - Annual report by authority to Governor and Legislature.
- Section 11-11-182 - Annual audit of authority--Filing with department.
- Section 11-11-183 - Chapter cumulative and supplemental to other laws.
- Section 11-11-184 - Chapter controlling over other laws.
- Section 11-11-185 - Citation of chapter.
- Section 11-11-186 - Energy conservation standards--Enforcement--Certification of inspectors.
- Section 11-11-187 - Rules governing energy conservation inspections.
- Section 11-11-188 - Rules to adopt more extensive energy use and consumption standardsprohibited.