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Phone Number +1 605-334-7368

Affordable Housing in Sioux Falls, SD

Affordable Housing in Sioux Falls, SD

LLOYD AFFORDABLE HOUSING
with Lloyd

Explore Lloyd Companies’ affordable housing communities throughout South Dakota. We’re proud to offer a variety of apartment and townhome options in Sioux Falls, Rapid City and Mitchell, SD as well as one location in Sioux City, IA. Learn more about affordable housing facts, misconceptions and leasing criteria below.

Call Phone Number (605) 334-RENT to work with a leasing specialist to find your perfect new home today!

Sioux Falls Affordable Housing
Mitchell Affordable Housing
Rapid City Affordable Housing
Sioux City Affordable Housing
FACTS
MISCONCEPTIONS
LEASING CRITERIA

5 Affordable Housing Facts

Lloyd has many affordable housing communities across South Dakota ready to welcome you home.

We have many renovated and new communities to choose from.

“Affordable” actually means that rent rates are based on the community's median income and fit your budget.

Our affordable housing communities require residents to have a source of income. Households with low to moderate income are eligible to live at our properties.

Our teams help guide you through the application process to get you into a home without all of the stress.

5 Affordable Housing Misconceptions

South Dakota doesn’t have any affordable housing communities available.

Affordable housing properties are old and rundown.

“Affordable” in affordable housing means the property has lower building standards and maintenance.

An affordable housing property is only for people with very low to no income or for those who do not work.

The process to apply at an affordable housing community is long and confusing.

Resident Selection Criteria

Credit Report Criteria
  • Conventional Homes require a 620 credit score to qualify. If not met, a cosigner or first and last month’s rent is mandatory before move-in.
  • Student loans, medical debts, and number of inquiries are not determining factors.
  • An additional deposit or cosigner may be required based on credit history.
    • Conventional Housing: deposit = one month’s rent + security deposit.
    • Affordable Housing: deposit = one month’s rent (including security).
  • 2 good references required; 1 must be from a previous landlord if applicable. Applications may be denied based on landlord feedback.
  • Housing Voucher recipients (< 2 years) may need a cosigner or extra deposit due to credit history.
  • Credit report addresses will be compared to the application.
  • Owing a previous landlord may lead to denial.
  • Utility bills in collections must be resolved with proof.
  • Owing back child support may result in denial.
  • Collections > $1,000: cosigner or 1st and last month’s rent required (Affordable Housing exempt).
  • < 6 months: requires cosigner, 1st month’s rent, deposit, and explanation letter.
  • 6 months–2 years: 1st month’s rent + deposit OR cosigner + letter.
  • > 2 years: considered in good standing if post-bankruptcy credit is good.
  • Multiple bankruptcies may lead to denial.
  • Credit expenses must not exceed 20% of monthly income.
  • Must meet applicant credit criteria.
  • Income must be 3.5× the rent.
  • No criminal background check required.
  • Bankruptcy must be older than 2 years with good credit since.
  • $15 application fee, valid SSN, U.S. residency required.

Applicants will be notified of proposed denial and given the opportunity to dispute it.

  • Open cases reviewed individually (Conventional housing).
  • Automatic denial if applicant is:
    • On Lifetime Sex Offender Registry
    • Convicted of felony drug manufacture/distribution
    • Evicted for drug-related activity in last 3 years
    • Currently using illegal drugs
  • Violent felonies:
    • Deny if < 20 years ago
    • May deny if > 20 years ago
  • Non-violent felonies:
    • Deny if < 7 years ago
    • May deny if > 7 years ago
  • 3+ convictions of misdemeanors, DUI, or reckless driving may result in denial.
  • Felony drug possession:
    • Deny if < 5 years ago
    • May deny if > 5 years ago
  • Arrests not resulting in conviction won’t be considered for denial but may lead to further review.
  • “May deny” cases receive individualized assessment (severity, time passed, age, rehab, etc.).
  • $25 monthly pet rent, limit 2
  • Deposits:
    • 1 Pet: $150 deposit + $150 fee = $300
    • 2 Pets: $250 deposit + $250 fee = $500
    • Under 6 months: $300/$600 (1/2 pets)
    • Small pets (hamsters, frogs, etc.): $100 non-refundable
  • Conventional: 3× monthly rent
  • Affordable: 2.5× monthly rent
  • Senior: 1.5× monthly rent
  • HUD: per HUD guidelines
  • Vouchers: 3× (Conventional) or 2.5× (Affordable) of tenant’s portion
  • Application must be complete and truthful.
  • Credit and criminal background check required.
  • Affordable housing application fee: $50
  • False statements may void lease agreement.
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A large building with a parking lot in front.
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A modern kitchen with a sink, a couch, and a rug.
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A playground with a blue slide and a yellow and blue climbing frame in front of a building.
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A room with a carpeted floor and a window with blinds.
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A building with a covered entrance and a sign that says "Bank Plaza".
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A spacious living room with a kitchen in the background.
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A kitchen with a bar area and a refrigerator.
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A kitchen with wooden cabinets and a black refrigerator.
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A kitchen with brown cabinets and black appliances.
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A bedroom with a large bed and a window with blinds.