4 Ways Lloyd Companies Is Adding Affordable Housing This Year

Lloyd Companies believes everyone deserves a safe, quality place to call home, and in 2026 we’re positioned to add more new options to the communities we serve.

Thanks to support from the South Dakota Housing Development Authority, nearly $4.2 million in tax credits were awarded for 2025, up from $3.3 million last year.

“There was more funding available statewide, so there additional awards beyond what typically is done,” said Kellen Erpenbach, senior financial analyst at Lloyd. “We’re excited to get started with needed new housing in multiple communities statewide.”

Here’s a look at what Lloyd Companies has planned:

Southeastern Behavioral Health partnership

Years in the making, a multistory redevelopment in central Sioux Falls is moving forward in partnership with Southeastern Behavioral Health.
It will bring income-qualified apartments to the vacant 600 block of West 11th Street, with a three-story building that includes program and office space for Southeastern Behavioral Health on the main level and 55 studio-, one- and two-bedroom apartments above.

“Tax credits are a critical element of these projects. It’s difficult to garner support for projects targeting low-income individuals without the dedicated programs like Low-Income Housing Tax Credits,” Erpenbach said.

Residents will not have to be Southeastern Behavioral Health clients but would benefit from convenient on-site 24-hour services there, including addiction, mental health and counseling services.

“We anticipate high demand for these units especially from Southeaster Behavioral Health’s current client base,” Erpenbach said. “Having the supportive services on the ground floor is a really unique wrap-around services concept that we are excited to bring to fruition.”

Lloyd Companies is serving as consultant, development partner, and general contractor. Lloyd Construction plans to break ground this summer and finish construction by the end of 2027.

Rosa Parks Apartments

Twenty-nine new one-, two- and three-bedroom apartments will be coming to this east-side community within walking distance of Rosa Parks Elementary.
“This location is ideal for multifamily development,” Erpenbach said. “Along with being so close to the school, it’s near grocery, pharmacy, healthcare, and transportation resources.”

This community will be a collaboration with Lutheran Social Services of South Dakota and Community Health Worker Collaborative of South Dakota.

“Lutheran Social Services will offer a rental education program to future tenants, while the Community Health Worker Collaborative will offer supportive services and technical assistance to Sioux Falls Housing to develop their Community Health Worker program,” Erpenbach said.
Lloyd Companies is serving as consultant, development partner, and general contractor. Lloyd Construction plans to break ground this summer and finish construction about a year later.

Peak View II

A popular Black Hills affordable housing community will be expanding.
Peak View II will bring 32 new apartments to Spearfish, including all appliances, central air and vinyl flooring. Amenities will include a community room and playground.

Lloyd Companies is working as the consultant and general contractor on the project, in partnership with developer Buxton Enterprises.

“This is the second phase and Peak View I has performed very well,” Erpenbach said. “The lease-up period only took a few months which really speaks to the need for additional units in the community.”

The plan is to start construction as soon as weather permits this spring and open about a year later.

Inter-Lakes Community Action partnership

A new project in Madison, S.D., will bring 28 new affordable apartments to the community’s downtown.

The project will include 2,500 square feet on the ground floor for a community kitchen run by Inter-Lakes Community Action Partnership to support their meal programming.

“We expect to see everyone from families with children to seniors interested in this community,” Erpenbach said. “ICAP currently offers a wide variety of community outreach programs including various meal services that provide up to 250 meals per day to community members. This project will have a significant impact on the community at large and the families residing here, especially given the project’s downtown location.”

Securing tax increment financing through the city will be key to moving forward, he added.

Lloyd Companies is serving as consultant, development partner and general contractor on the project. The hope is to start construction this summer and finish about a year later.