<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 11-7-56 - Purchase or lease of existing buildings in lieu of new construction for housing project. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2040010Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2040010SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2040010CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2040010Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2040010DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2040010DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2040010000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2040010SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2040010SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2040010Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=11-7-56"><span class="s2040010SENU">11-7-56</span></a><span xml:space="preserve" class="s2040010SENU">. </span><span class="s2040010CL">Purchase or lease of existing buildings in lieu of new construction for housing project.</span></p><p dir="ltr" class="s2040010Normal-000000"><span class="s2040010DefaultParagraphFont">In order to conserve the existing housing supply, a commission is authorized to purchase or lease or otherwise acquire existing buildings for low</span><span class="s2040010DefaultParagraphFont-000001">-</span><span class="s2040010DefaultParagraphFont">rent housing whenever this is feasible, in lieu of new construction. All provisions of this chapter relating to other low</span><span class="s2040010DefaultParagraphFont-000001">-</span><span class="s2040010DefaultParagraphFont">rent housing projects shall be applicable to such projects.</span></p><p dir="ltr" class="s2040010Normal"><span xml:space="preserve" class="s2040010000002"> </span></p><p dir="ltr" class="s2040010Normal"><span class="s2040010SCL">Source:</span><span xml:space="preserve" class="s2040010SCL-000003"> SL 1950 (SS), ch 13, § 17; SDC Supp 1960, § 45.3617.</span></p></div></body></html>