Section 11-11-156 - Restrictions on rent, charges, property disposition and franchises ofsponsor receiving loans and other financing.
11-11-156. Restrictions on rent, charges, property disposition and franchises of sponsor receiving loans and other financing. Each loan and other financing under § 11-11-144 shall be subject to an agreement between the authority and the housing sponsor which will subject said sponsor and its principals or stockholders, if any, to limitations established by the authority as to rentals and other charges, builders' and developers' profits and fees, and the disposition of its property and franchises to the extent more restrictive limitations are not provided by the law under which the borrower is incorporated or organized or by this chapter. Projects whose rents or income limits applicable to project residents are established, subsidized, or regulated by federal law, or whose loans are insured or guaranteed by the federal government shall be subject to an agreement between the authority and the housing sponsor which will subject said sponsor and its principals or stockholders, if any, to those limitations established by federal law as to rentals and other charges, builders' and developers' profits and fees, and the disposition of the property and franchises.
Source: SL 1973, ch 180, § 19 (7); SDCL Supp, § 28-19-134; SL 1992, ch 105, § 1; SL 1995, ch 80, § 24.