Lloyd Companies’ Accessible Housing Efforts Bolstered By Tax Credit Funding

Lloyd Companies is positioned to bring needed housing options to the Sioux Falls community thanks to an important public-private partnership.

Lloyd recently was awarded tax credits through South Dakota Housing Development Authority’s Low Income Housing Tax Credit Program, which will support construction of two projects.
The Southeastern Behavioral Apartments will revitalize the 600 block of West 11th Street in Sioux Falls, known as the Mercado block.

The former building there is being demolished and will be replaced by a three-story building with Southeastern Behavioral Health on the first floor and 55 apartments designated for low-income residents on the floors above.

“These tax credits are the most critical component of the financing package, making it an exciting milestone for the project,” said Kellen Erpenbach, Lloyd’s financial analyst.
“We truly appreciate SDHDA’s support, as well as the financial contributions from the City of Sioux Falls. This project would not be possible without their assistance. Lloyd Construction is currently completing the demolition on the property, and we anticipate having that complete soon.”

Lloyd also is working through other public-private funding for the project. The hope is to secure all needed financing over the winter and into spring.

“We are eager to keep the project moving forward to begin construction in 2025,” Erpenbach said.

Additionally, Lloyd will begin the LifeScape Carter House next spring, offering a new living option for adults served by LifeScape.
The eight-unit affordable housing development is located at 1713 W. 51st St. in Sioux Falls, near the main LifeScape campus.

Designed as a duplex with four single rooms on each side, the project is supported by the state’s Housing Trust Fund and HOME Funding.

“This project will serve as a community-based housing opportunity to provide independence to adults with varied disabilities and complex medical care needs,” said Aubrey Baumann, Lloyd’s development and financial analyst.

“This is a permanent housing solution for individuals in South Dakota requiring adult residential options in home and community-based settings.”
The project is scheduled to start in May 2025 and finish in March 2026.

Images are concept only.