Housing Trust Fund
SEEKING SOLUTIONS TO local affordable housing shortage
Housing Trust Fund Goal
A safe and affordable home is one of the basic needs we each have as human beings. In Sioux Falls, there is a significant housing gap for extremely low-income households, defined in terms of a family of four making $27,200 or less annually.
According to the Augustana Research Institute, in 2021 there were only about 28 homes or apartments available and affordable for every 100 households in that income bracket.
Due to this gap, the lowest income renters have the highest housing cost burden of any group in the city.
Severely cost burdened low-income households are more likely than other renters to sacrifice basic necessities — for example, healthy food, healthcare and prescription medication — in order to pay the rent. They are also more likely to experience unstable housing situations, such as evictions, which has a direct correlation to learning loss in children.
The Sioux Falls Affordable Housing Trust is proposed as a response to the need for homes and apartments that are affordable for these individuals and families.
Click here or on the video above to watch the Affordable Housing Trust public information event held on Aug. 17, 2023.
Who Can This Help?
Affordable housing is generally defined as housing for which the occupant is paying no more than 30% of gross monthly income for housing costs, including utilities, according to www.hud.gov.
Preschool teachers, grocery store stockers, emergency medical technicians and so many other local working people are unable to find housing they can afford with low-wage salaries in Sioux Falls.
Yet market rents continue to rise, and supply remains low, in part due to a need for more flexible locally based financing opportunities. The Affordable Housing Trust would fill a financing gap that hampers increased construction and rehabilitation in the city’s supply of housing that is affordable to individuals and families at 40% and 30% of the median family income (MFI).
For a family of four, 40% MFI in Sioux Falls is $36,300.
- Preschool teachers make about $31,660 per year.
- Grocery store stockers earn an estimated $30,010 annually.
- Emergency medical technicians bring home around $29,450 each year.
For a family of four, 30% MFI in Sioux Falls is $27,200.
- Teaching assistants make about $26,570 annually.
- Hospitality workers earn an estimated $25,760 per year.
- Childcare workers bring home around $23,930 each year.
Eligible Applicants
- Property owners rehabilitating existing homes or apartments
- Non-profit developers
- For-profit developers
- Housing authorities
- Units of government
- Regional organizations
- Other non-profit organizations
Eligible Projects
- New construction of multifamily projects
- Retrofitting of existing buildings that would include four or more homes or apartments
- Preservation of existing assisted projects
How Can I Help?
- Tell your friends about the Affordable Housing Trust proposal. Direct them to this webpage: siouxfallsthrive.org/housing-trust-fund.
- Tell your City Council representative that you support the Affordable Housing Trust. Ask them to support a 2024 Budget Amendment and future construction goals. Click here to email your City Council representative.
Attend City Council meetings to finalize the 2024 Budget.
Tuesday, Sept. 5, 6 p.m.: First Reading
Tuesday, Sept. 12, 6 p.m.: Second Reading and Final Vote
Advocate for a reset of the Council’s Homeless Task Force. This group of Councilors and citizens can be tasked with finalizing policies and guidelines for the Affordable Housing Trust.
Thank You to the Housing Action Team Members Who Made This Work Possible
Allison Thompson, Housing Retention Specialist
Andy Patterson, Sioux Falls Area Community Foundation
Anny Libengood, Community Stakeholder
Betsy Schuster, Helpline Center
Brent Tucker, Affordable Housing Solutions
Dawson Muska, The Community Outreach
Gayleen Riedemann, Community Stakeholder
Logan Penfield, City of Sioux Falls
Matthew Tschetter, Caminando Juntos
Mike Huber, Community Stakeholder
Richie Hutchinson, Community Stakeholder
Roger Jacobs, Housing and Urban Development
Sheri Ekdom, Lutheran Social Services of South Dakota
Shireen Ranschau, Community Stakeholder