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appropriate funds to support revolving funds for multi-family workforce housing and to declare an emergency.

SB 155 appropriates state funds to support revolving loan programs that help finance multi-family housing projects designed for the workforce. The bill declares this funding need an emergency so the money can be released and used immediately rather than waiting for the normal budgeting cycle.

require that certain proposed rules include a housing cost impact statement.

State agencies must now prepare an "affordable housing impact statement" whenever they propose new rules that would affect housing costs, explaining how the rule impacts affordability, what compliance will cost per housing unit, and whether there are cheaper alternatives to achieve the same goal. The statement must be written in plain language and include information about reporting requirements and necessary professional skills, using only information the agency already has available. This adds a new review requirement to South Dakota's rule-making process to ensure housing affordability is considered before regulations take effect.

provide for the refinancing of certain mortgages on properties affected by declared disasters.

SB 117 creates a new program allowing the South Dakota Housing Development Authority to offer no-interest loans to homeowners whose property values dropped due to declared natural or man-made disasters. The Legislature or Governor can trigger the program by formally declaring a housing emergency, after which eligible applicants can apply for refinancing assistance for single-family homes, townhomes, condominiums, or duplexes affected by the disaster.

establish the Re-Homestead South Dakota Program.

South Dakota counties that choose to participate in the Re-Homestead Program can reduce property taxes by 50% for up to 240 acres of land owned by someone who sells a 5-20 acre parcel that becomes an owner-occupied home, as long as the property meets basic infrastructure requirements and isn't classified as agricultural land during that five-year period. This incentivizes landowners to convert rural properties into homes by temporarily reducing their tax burden on remaining land holdings.

modify the contractor's excise tax rate on the new construction of certain residential dwellings.

South Dakota currently taxes contractors on new single-family home construction at 5.5% on all gross receipts, but this bill creates a tax break by exempting the first $150,000 of receipts from taxation and only applying the 5.5% rate to amounts above that threshold. The $150,000 exemption amount will automatically adjust each July based on construction cost inflation, as measured by the Engineering News Record's Building Cost Index.

provide for the platting of certain land without infrastructure requirements.

HB 1235 allows landowners to divide their property into smaller plots (platting) without having to install infrastructure like roads, utilities, or drainage systems that are normally required. This change makes it easier and less expensive for property owners to create subdivisions in certain situations while amending the state's platting requirements under South Dakota law.