For Immediate Release

January 23, 2020

Contact: Kristin Wileman

PIERRE, S.D. - This month, Governor Kristi Noem asked the Governor’s Office of Economic Development (GOED) to begin utilizing the Revolving Economic Development & Initiative (REDI) Fund to support multi-family, workforce housing projects.

“Everywhere I go in South Dakota, I hear from local business owners and community stakeholders that housing availability is an issue,” said Noem. “Businesses have good paying jobs available but struggle to get people to relocate to their communities because housing opportunities are limited. It’s a classic catch-22 holding back our communities. Developers are reluctant to invest because they don’t want to take on the risk of building homes and having them sit empty. And folks are reluctant to expand their businesses because people won’t move without good housing choices.”

“In the coming months, GOED will begin using the REDI Fund to address this need. Having suitable housing is economic progress, and I’m confident opening up this fund will get developers to invest in communities where additional housing units are most needed,” concluded Noem.

The REDI Fund is designed to promote job growth in South Dakota. The low-interest loan fund is available to start-up firms and businesses that are expanding or relocating, and local economic development corporations. For more information on REDI Funds, including eligibility requirements and the application process, click here.