South Dakota § 11-11-150 Amount and amortization of non

South Dakota Statutes

§ 11-11-150 — Amount and amortization of non

South Dakota § 11-11-150

Title 11PLANNING, ZONING AND HOUSING PROGRAMS

Ch. 11-8SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY

This text of South Dakota § 11-11-150 (Amount and amortization of non) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 11-11-150 (2026).

Text

In the case of a mortgage loan not insured by FHA the amount of the loan may not exceed one hundred percent of the total housing development cost as determined by the authority and the amortization period of such loan shall be determined in accordance with regulations formulated and published by the authority; but in no event may such amortization period exceed fifty years. If the mortgage loan provided by the authority is subordinated to mortgage loans made by other lenders to finance the multifamily residential housing project or day - care facility, the foregoing limitation shall be applied to the aggregate of mortgage financing provided from all sources.

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In the case of a mortgage loan not insured by FHA the amount of the loan may not exceed one hundred percent of the total housing development cost as determined by the authority and the amortization period of such loan shall be determined in accordance with regulations formulated and published by the authority; but in no event may such amortization period exceed fifty years. If the mortgage loan provided by the authority is subordinated to mortgage loans made by other lenders to finance the multifamily residential housing project or day - care facility, the foregoing limitation shall be applied to the aggregate of mortgage financing provided from all sources.