Governor Larry Rhoden signed Senate Bill 76 into law Tuesday, March 24, at Rapid City Regional Airport, authorizing the state’s two primary commercial airports to borrow up to $15 million each from South Dakota’s Housing Infrastructure Fund at 2% annual interest.
The signing took place under the terminal’s triplane exhibit, with Mayor Jason Salamun and other state and local officials present.
Rhoden’s summary was concise: “More gates, more flights and more destinations means more visitors, more business and more opportunity.”
Salamun put the geographic reach in perspective. “Airports not only benefit the city of Rapid City and the city of Sioux Falls, they benefit the entire state,” he said. “The entire state benefits from flying in and out of the airports.”
The loans are unsecured, carry a 20-year amortization with equal annual payments, and must be closed and funded by June 30, 2030. Repayments cycle back into the Housing Infrastructure Fund, a provision that mattered to legislators uneasy about pulling housing dollars for airport use. The fund was established in 2023 with $200 million in state and federal money; the loan pool had roughly $65 million unobligated as of late last year.
Eligibility is tied to metropolitan statistical areas of at least 125,000 people, a threshold that covers Rapid City and Sioux Falls. The law takes effect July 1, 2026.
