This bill establishes a framework for refinancing certain mortgages on properties impacted by declared disasters in South Dakota. It introduces a new chapter in Title 11 that defines key terms such as "Applicant," "Authority," "Disaster," and "Property." The South Dakota Housing Development Authority is tasked with administering 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 authority will also create rules for the application process, documentation requirements, and loan repayment terms, ensuring compliance with the new provisions outlined in the bill.