SB117Dead
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.