<html> <head> <title>Rule 20:09:24:02 Eligibility.</title> <META NAME="Keywords" Content="Administrative Rules 20:09:24:02"> <META NAME="Description" Content="Administrative Rules 20:09:24:02 Eligibility."> <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>20:09:24:02.&nbsp;&nbsp;Eligibility.</b> Loans or other authority financing may be provided to rural site development projects which meet the following criteria:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;The applicant must provide evidence of credit worthiness and repayment ability;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;The applicant must provide a plan for the development including the use of a qualified development team including all skills anticipated to be required for the eventual success of the development project;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;In evaluating projects for funding, the authority may give a preference for those applications which establish the lowest purchase price and income limits for homes constructed on the development project.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 22 SDR 64, effective November 12, 1995.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-30">11-11-30</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-128">11-11-128</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-141">11-11-141</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-143">11-11-143</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-165">11-11-165</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-180">11-11-180.</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=11-11-99">11-11-99</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-110">11-11-110</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=11-11-118">11-11-118.</A></p> </div> </body> </html>