The proposed bill establishes a new framework for refinancing mortgages on properties impacted by declared disasters in South Dakota. It introduces a series of definitions, including "Applicant," "Authority," "Disaster," and "Property," to clarify the terms used throughout the legislation. The bill mandates that the South Dakota Housing Development Authority administer no-interest loans to qualified applicants whose property values have decreased due to a disaster, as declared by the Legislature or the Governor. The declaration must include details about the emergency, affected individuals, and the timeline of the disaster.

To qualify for these loans, applicants must demonstrate ownership of a property significantly affected by the disaster, provide documentation of property values before and after the disaster, and meet specific criteria regarding residency and the condition of the property. The loan amount is capped at the remaining mortgage balance, and any funds received must be used solely for mortgage repayment. The bill also outlines the application process, including required documentation and fees, and mandates the authority to create rules for implementation, ensuring compliance with the established guidelines.