The SD Housing Development Authority has lowered its interest rates for first-time homebuyers to the lowest rate in history.
The interest rate for starting step rate loans is 2.75%. Fixed rate loans have been reduced to 3.75%, and the fixed rate plus option loan rate was reduced to 4.25%.
If you are a business owner in the Miller area and these rate reductions help one of your employees purchase house, please let me know. I’d be interested in hearing the details.
We have been receiving feedback at the On Hand Development office that people moving to town are having a hard time finding affordable housing. The Miller Housing Committee has been created to study the housing situation in the Miller area. The mission of the committee is to find out the specific housing needs in the Miller area and to develop a plan to address those needs.
People may ask why On Hand Development is working on housing and how does that relate to economic development. Economic development involves helping our local businesses expand and new businesses get started. That means that these businesses will hire new employees and new employees need an affordable place to live. Insufficient housing will have a negative impact on the growth of new and existing businesses.
Committee members include Joe Fiala, Kurt Pfeifle, Ron Blachford, Dick Palmer, Mike Beaner, Dan Coss, Bryan Breitling, and Mike Ruth.
As part of this project, the committee will be conducting some surveys through the mail. They may also have an independent party conduct a telephone survey to gather pertinent data related to our community’s housing needs.
If you are contacted to provide information for one of our surveys please take the time to answer the questions. We would really appreciate your cooperation and it will allow us to get a clear picture of the housing situation in the Miller area. If you have suggestions or questions, feel free to contact us or stop by the office.