Section 11-11-111 - Mortgage loans to purchasers of residential housing. - South Dakota Statutes

11-11-111. Mortgage loans to purchasers of residential housing. The authority shall have the power, as necessary or convenient to carry out and effectuate the purpose and provisions of this chapter, to make, undertake commitments to make and participate in the making of mortgage loans to persons who may purchase residential housing, including without limitation persons and families who are eligible or potentially eligible for federally insured mortgaged loans or federal mortgage loans. Such loans shall be made only after a determination by the authority that mortgage loans are not otherwise available, wholly or in part, from private lenders upon reasonably equivalent terms and conditions.

Source: SL 1973, ch 180, § 14 (2); SDCL Supp, § 28-19-102; SL 1983, ch 106, § 4N.