Members of a state housing board are unsure the impacts of recently passed legislation on rural housing if demand for currently unused loans begins to rise.
Lawmakers approved using dollars from the state’s Housing Infrastructure Fund to fund airport expansions in Sioux Falls and Rapid City. The $30 million — $15 million apiece per airport — consists of loans at a 2% interest rate. The loans, when paid off, would return to the Housing Infrastructure Fund.
The Housing Infrastructure Fund dates back to 2023, when then-Gov. Kristi Noem and then-Lt. Gov. Larry Rhoden set aside $200 million to support career housing split equally between grants and loans. Money for the fund was to be distributed 30% for urban and 70% for rural development. In October, about $65 million remained in loans…