A new housing development in Belle Fourche will move forward with help from a state infrastructure loan program aimed at addressing housing shortages.
The South Dakota Housing Development Authority on Tuesday approved a $413,883 loan for the Ridge View Estates project, a proposed 25-lot single-family housing development. The loan, awarded to Mountain View Development Group, carries a 2% interest rate over 10 years.
Total infrastructure costs for the project are estimated at about $1.24 million, with additional funding coming from a $500,000 loan from Pioneer Bank and more than $327,000 from the developer.
The project is part of a housing infrastructure initiative approved by state lawmakers in 2022 and 2023, which set aside $200 million in federal and state funding to support housing development. Half of that funding has been allocated to grants, which are now fully committed, while loan funds remain available.
State officials said roughly $15.5 million in loan funding is still available for projects outside Sioux Falls and Rapid City, though applications have slowed in recent months.
The Ridge View Estates project was previously approved for zoning changes by the Belle Fourche Common Council and is one of the latest developments supported through the program designed to expand housing availability across South Dakota.
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