This bill authorizes the South Dakota housing infrastructure fund to provide loans to school districts that are adjacent to federal military installations for the construction or expansion of school buildings. The legislation amends existing law to include provisions for these loans, which will be offered at a zero percent interest rate without requiring collateral, with a maximum loan amount of fifteen million dollars. The repayment terms stipulate that payments will be made annually over a twenty-year period, starting one year after the loan is funded. Additionally, the bill mandates that thirty percent of the loan funds come from municipalities with populations of fifty thousand or more, while seventy percent will be sourced from other areas of the state.

The bill also outlines that any loans issued must be approved by the authority during a public meeting and must be finalized before June 30, 2029. Furthermore, it exempts these loans from certain provisions of existing law, ensuring a streamlined process for funding. All repayments from these loans will be reinvested into the South Dakota housing infrastructure fund to facilitate future loans.

Statutes affected:
House Engrossed, 03/06/2025: 11-15-6
Enrolled, 03/12/2025: 11-15-6