Rental Rehabilitation Program

Financial assistance is available for rental owners to maintain and repair their properties within Sioux Falls city limits. The Rental Rehabilitation Program provides low-interest loans for needed materials during a renovation.

Who is eligible?

  • Eligible recipients must be the owner of the property.
  • Eligible recipients cannot have any active code cases.
  • Eligible recipients with a history of code violations may be denied.
  • Eligible recipients must be current with financial obligations such as a mortgage, property taxes, insurance, and assessments.

Which properties are eligible?

  • The property must be located within Sioux Falls city limits.
  • The property must be a registered rental with the City of Sioux Falls.
  • The property must be structurally sound.
  • The property cannot have any outstanding liens.

How does the program work?

  1. Review the eligibility information on this page.

  2. Collect supporting documents such as an estimate or bid for the work.
    Note: Any work completed before receiving a loan will not qualify for this program.

  3. Apply online or visit City Center, 231 N. Dakota Ave., to apply in-person.

  4. A housing specialist will review your application.
    Once reviewed, you will be notified if eligible.

  5. The loan will be funded to the applicant.

  6. Renovation work can begin at the rental property.

Loan Terms

  • Rental rehabilitation loans will be secured with a record mortgage for up to $100,000 per project ($2,000 minimum), and $30,000 maximum per unit.
  • Loan amounts may also be limited based on availability of funding.
    • No more than 50 percent of current funds available may be committed to a single property owner.
  • Total debt ratio on property (existing mortgage and proposed rental rehab loan) cannot exceed 100 percent of the property's appraised/assessed value.
  • Zero-percent interest rate for the first 6 months.
  • Payments will begin on the first day of the 7th month following the loan signing.
  • 3-percent interest rate amortized over:
     $0-$20,000 5 years (60 payments)
     $20,000-$40,000 6 years (72 payments)
     $40,000-$60,000 7 years (84 payments)
     $60,000-$80,000 8 years (96 payments)
     $80,000-$100,000 8 years plus balloon payment (97 payments)
  • No loan origination fees.
  • No prepayment penalty.
  • Loan is not assumable.



Housing General Line:
(605) 367-8180

Housing Program Specialist:
Derek Mueller