Section 11-11-158 - Establishment of sponsor's equity in housing development. - South Dakota Statutes

11-11-158. Establishment of sponsor's equity in housing development. A housing sponsor's equity in a housing development shall consist of the difference between the aggregate amount of mortgage financing provided for the housing development and the value of the housing development determined by the authority pursuant to rules and regulations adopted by it. Projects whose rents or income limits applicable to project residents are established, subsidized, or regulated by federal law, or whose loans are insured or guaranteed by the federal government shall be subject to an agreement between the authority and the housing sponsor which will subject said sponsor and its principals or stockholders, if any, to those limitations established by federal law, or such lower limitation as shall be prescribed by the authority, for the determination of housing sponsor's equity in a housing development.

Source: SL 1973, ch 180, § 19 (9); SDCL Supp, § 28-19-136; SL 1992, ch 105, § 3; SL 1995, ch 80, § 26.