SDHDA Improves Community Home Improvement Program with Borrower Friendly Interest Rate

Changes to South Dakota Housing Development Authority’s (SDHDA) Community Home Improvement Program will allow qualifying homeowners to borrow more money for needed improvements at a low interest rate.

The program, known as CHIP, lends money to income-qualified homeowners who need to replace foundations, update plumbing or wiring, buy a new furnace or water heater or make other improvements to their homes.

The minimum payment, loan term and minimum/maximum loan amount is no longer determined by SDHDA, but will be based on borrower’s need and standard underwriting guidelines.

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