PIERRE, S.D. – A South Dakota board advanced rules on Wednesday that allow up to $30 million to be loaned from a state housing infrastructure fund to help finance airport projects in Rapid City and Sioux Falls.
The Housing Development Authority’s members approved the rules without any opposition. The rules implement a bill introduced at Gov. Larry Rhoden’s request and signed into law by him in March.
The law authorizes loans up to $15 million each to the state’s two largest commercial airports. The loans would carry 2% interest rates with repayment periods of 20 years. Repayments and interest must be returned to the housing fund to support future housing infrastructure projects…