Dakota Land Trust Program

What is Dakota Land Trust Program?

Dakota Land Trust Program is down payment assistance for homebuyers in Rapid City, South Dakota, administered by NeighborWorks Dakota Home Resources.

• A community land trust model in which the Dakota Land Trust buys the land and the buyer purchases only the house, with a 99-year ground lease and a $25/month land lease payment, lowering purchase price and monthly housing cost.
• Buyer purchases only the home; DLT retains land via 99-year lease at $25/month, lowering purchase price and monthly payment.

Do you have to pay it back?

Dakota Land Trust Program is down payment assistance and is repaid under the terms set by NeighborWorks Dakota Home Resources.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Dakota Land Trust Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Dakota Land Trust Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income below 80% AMI: 1-person <$39,550; 2-person <$45,200; 3-person <$50,850; 4-person <$56,500.
• The limit applies to total household income, not only the borrower&rsquo;s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Is there eligibility for specific groups?

Dakota Land Trust Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, buyers with disabilities, and first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Dakota Land Trust Program serves buyers purchasing in Rapid City, South Dakota.

How do you apply?

Applications for Dakota Land Trust Program go through NeighborWorks Dakota Home Resources, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through NeighborWorks Homebuyer Education (online or in person, free).

2. 2

   Contact NeighborWorks Dakota Home Resources to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.