<html> <head> <title>Rule 12:22:02:05 Equity contribution.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:02:05"> <META NAME="Description" Content="Administrative Rules 12:22:02:05 Equity contribution."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:02:05.&nbsp;&nbsp;Equity contribution.</b> An applicant must provide an equity contribution of a minimum of ten percent of the total project cost. In-kind contributions and completed work may be applied toward the equity contribution and total project cost if, in the judgment of the VAFA and the agency, such in-kind contributions and work completed contribute sufficiently to the current project. The equity requirement may be waived by a two-thirds vote of the VAFA, with the approval of the agency.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 28 SDR 44, effective October 2, 2001.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-24">1-16E-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-8">1-16E-8.</A></p> </div> </body> </html>