Section 11-11-147 - Temporary construction and development loans for multifamily projectsand day-care facilities. - South Dakota Statutes

11-11-147. Temporary construction and development loans for multifamily projects and day-care facilities. The authority may make temporary loans for construction and land acquisition and development for multifamily residential projects and day-care facilities if the authority supervises the construction phase, has adequate security provided by the contractor or developer to protect the authority's interest, and if the authority has previously agreed to make the long-term mortgage loan on such multifamily residential project or day-care facility or has received assurances adequate to the authority that long-term mortgage financing will be available from other sources.

Source: SL 1980, ch 204, § 18; SDCL Supp, § 28-19-125.3; SL 1983, ch 106, § 4BB; SL 1995, ch 80, § 19.