For Sale

September 19, 2013

Neighborhood Revitalization Program

Through the Neighborhood Revitalization Program (NRP), we purchase run-down or dilapidated properties in Sioux Falls.

Although some of these properties are then rehabbed, more often they are torn down and new houses are constructed which are then sold to households who make less than 80% of the median income. The net selling price for our homes starts at $129,900 after the down payment assistance.  

Through the Neighborhood Revitalization Program we plan to build and sell 10 homes in 2017.

Four steps to home ownership:

 Up to $25,000 in Down Payment Assistance is available on most of our homes for qualified buyers.  This will be Gap financing (difference between selling price and maximum qualified 1st mortgage).

For purposes of ensuring feasible financing opportunities for homeowners, SDHDA will adhere to the following requirements. The requirements must be met for SDHDA financing and all other mortgage  financing  provided  to  the  homeowner;  variance  of  any  item  must  receive  prior approval from SDHDA.

  1.  No interest only loans, no balloon payment loans, no reverse mortgages.
  2. Interest  rates  cannot  be  greater  than  two  percent  (2%)  above  SDHDA’s  first-time homebuyer         rate         -          http://www.sdhda.org/sdhda-main-website/homebuyer- homeowner/first-time-homebuyer/current-interest-rates.     If  it  is  an  adjustable  rate mortgage, the rate cannot increase more than two percent (2%) over the life of the loan.
  3. Origination fees, points and other lender fees cannot exceed $3,000.   SDHDA  may reject fees and closing costs that are not reasonable.
  4. Total financing cannot exceed appraised value.
  5. Homebuyer must have a minimum credit score of 620.
  6.  The total of the homebuyer’s monthly mortgage payments (principal, interest, taxes and insurance) may not exceed 31% of their gross effective monthly income.
  7.  The homebuyer’s total monthly fixed payments may not exceed 43% of gross effective monthly income.
  8.  Homebuyer must have a minimum savings or cash reserves of 2 months of  principal, interest, taxes and insurance.
  9.  Homebuyer must have a minimum $500 cash investment.
  10.  Homebuyer must document their attendance at Homebuyer Education presented by a HERO organization.  See  http://sdhomebuyered.org/ for a list of HERO organizations.
  11. First mortgage lender, or second mortgage lender if HOME is first, is required to escrow for taxes and insurance.

Homes for sale

Click on the address for more information

Click on the PLAN for more information

ADDRESS                   PLAN            PRICE           DOWN PAYMENT ASSISTANCE

503 South Summit              PLAN          $161,900          $136,900 after up to $25,000 in down payment assistance

523 South Duluth                PLAN           $162,900         $137,900 after up to $25,000 in down payment assistance

517 South Elmwood             PLAN          $162,900          $137,900 after up to $25,000 in down payment assistance

2605 South Duluth              PLAN           $158,900           $133,900 after up to $25,000 in down payment assistance

821 North Sherwood             PLAN          $154,900           $129,900 after up to $25,000 in down payment assistance

823 North Sherwood             PLAN           $154,900           $129,900 after up to $25,000 in down payment assistance

301 South St Paul                 PLAN           $158,900           $139,900 after $19,000 in down payment assistance          

612 South Williams               PLAN            $162,900          $137,900 after up to $25,000 in down payment asisstance

These NEW homes will be available in 2017!


Interested parties will:
1) Check the attached income limits to see if you could qualify for the program
2) Contact Wayne through this listing to discuss the project.
3) See your banker or other mortgage lender to become pre-qualified for mortgage
4) Become qualified for the program at Community Development - call 367-8180 for an appointment. Indicate you are interested in the Neighborhood Revitalization Program.
5) With an approved qualification for the program and your mortgage pre-approval you are ready for a purchase agreement.

The home will be sold to the first family or individual that is pre-qualified for a loan for the price of the home, program-qualified with Community Development, and has signed a purchase agreement with Affordable Housing Solutions.

Buyer financing is required. Down payment assistance may also be available through Sioux Falls Community Development - Affordable Housing Division.

Income Qualification Required    Buyers will be at or below 80% Median Family Income


 all information subject to change or update.