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 will correspond to the remaining mortgage balance, and applicants are required to repay the full loan amount without interest. The bill also outlines the application process, necessary documentation, and the authority's responsibilities in evaluating applications and preparing contracts for loan repayment. Additionally, the authority is tasked with promulgating rules to ensure compliance with the new provisions.