11-13-1. Definitions.

Terms used in this chapter mean:

(1)    "Administering agency," the South Dakota Housing Development Authority shall act as the administrative agency for the South Dakota housing opportunity fund;

(2)    "Affordable housing," housing is affordable if the total housing costs, which includes rent, utilities, mortgage, and related expenses, represents no more than thirty percent of gross household income;

(3)    "Commissioner," a member appointed to the oversight commission;

(4)    "Fund," the South Dakota housing opportunity fund;

(5)    "Oversight commission," the commissioners that govern the South Dakota Housing Development Authority;

(6)    "Single family home," any home built to the International Residential Code (IRC) or the United States Department of Housing and Urban Development (HUD) Building Code as of January 1, 2013, and located on a suitable site that is zoned properly for an IRC or HUD single family residence.

Source: SL 2013, ch 7, § 14, eff. Mar. 20, 2013.