WASHINGTON, May 31, 2018 – Assistant to the Secretary for Rural Development Anne Hazlett today announced that the U.S. Department of Agriculture (USDA) is launching a pilot program to increase homeownership opportunities on Tribal lands.
“To thrive, rural America needs a creative and forward-thinking partner in USDA,” Hazlett said. “Under Secretary Perdue’s leadership, USDA is harnessing innovation so we can be a better, more effective partner to Tribal communities in building their futures.”
USDA is partnering with two Native Community Development Financial Institutions (NCDFIs) that have extensive experience working in Native American communities. The Department will loan $800,000 each to Mazaska Owecaso Otipit Financial and to Four Bands Community Fund. The organizations will relend the money to eligible homebuyers for mortgages on South Dakota and some North Dakota Tribal trust lands. Mazaska Owecaso Otipit Financial and Four Bands Community Fund also will service the mortgage loans after they are made. USDA is providing the funding through the Single Family Housing Direct Loan program.
Each NCDFI will contribute $200,000 for mortgages in the pilot program.
Read the full press release here.