Housing

SB 76 transfers unobligated funds from South Dakota's housing infrastructure fund to the revolving economic development fund. It authorizes the Board of Economic Development to provide up to $15 million in 0% interest loans to airports with scheduled air service located in metro areas with 125,000-275,000 residents (or over 275,000) as of the 2024 Census. Loans must be repaid over 20 years with the first payment due one year after funding, and must be fully funded by June 2030. The bill directly affects airports in designated metro areas seeking infrastructure improvements.

This bill proposes a constitutional amendment that would prohibit South Dakota governments from using eminent domain to transfer private property to private companies or non-governmental entities solely for economic development or increased tax revenue. It would require any property transfer to serve a clear public purpose, such as infrastructure or public services, rather than benefiting private interests. The amendment would apply to all state and local government actions involving property takings and must be approved by voters at the next general election. If adopted, it would change how governments can acquire property for development projects.