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Sioux Falls council approves $1 million forgivable loan to help turn 600 Plaza into deep‑affordability housing
Summary
The council unanimously approved a $1,000,000 forgivable loan to Southeastern Behavioral Health to acquire and demolish a site at 600 Plaza for a 55‑unit low‑income housing project; a separate $1.8 million HOME‑ARP grant would follow if a LIHTC award is secured.
The Sioux Falls City Council voted unanimously Aug. 20 to provide a $1,000,000 forgivable loan to Southeastern Behavioral Health (SEBH) to acquire and demolish structures at the 600 Plaza site and prepare it for a Low‑Income Housing Tax Credit (LIHTC) development.
Logan Penfield, planning and development services, told the council the loan would be used for acquisition and demolition and is contingent on SEBH applying for and receiving a 9% LIHTC award through the South Dakota Housing Development Authority within three years. Penfield said the city would consider a second, one‑time $1,800,000 award from HOME‑ARP funds if the LIHTC application succeeds. HOME‑ARP is a…
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