S.D. Admin. R. 20:09:06:17

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:09:06:17 - Regulation of housing sponsors

As a condition precedent to the initial or final closing of an authority mortgage loan or other authority financing, the applicant shall execute a regulatory agreement with the authority and any other accompanying documents regulating the development, construction or rehabilitation, and operation of the proposed housing development under the act and this chapter. The authority's regulatory agreement shall contain provisions concerning the retention of an equity position by for profit housing sponsors, operational assurance requirements, and related matters to ensure the operational stability of housing developments.

SL 1975, ch 16, § 1; 2 SDR 31, effective 10/30/1975; transferred from § 45:01:06:17, effective 7/1/1979; 6 SDR 98, effective 4/6/1980; 10 SDR 4, effective 7/27/1983; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 22 SDR 64, effective 11/12/1995; SL 2012, ch 79, §41, effective 7/1/2012.

General Authority: SDCL 11-11-30, 11-11-128, 11-11-141, 11-11-143, 11-11-165, 11-11-168, 11-11-180.

Law Implemented: SDCL 11-11-141, 11-11-142, 11-11-151, 11-11-156, 11-11-157, 11-11-158.