What is the official ID of this bill?
The official print number for this legislation is S 1941.
Permanent Funding for Native Home Loans in Rural Areas.
This Act permanently authorizes a Department of Agriculture lending program aimed at boosting homeownership for members of Indian Tribes, Alaska Native, and Native Hawaiian communities in rural areas. It mandates setting aside $50 million annually for direct loans to specialized financial institutions (Native CDFIs) that serve these communities, significantly increasing their capacity to issue mortgages. This change directly improves access to housing finance for these groups, particularly on Tribal lands.
Key points
Dedicated Home Loan Capital: $50 million is set aside annually to provide capital to Native Community Development Financial Institutions (Native CDFIs), directly increasing the availability of home loans for Native populations.
Priority Lending: Native CDFIs must prioritize lending to eligible borrowers residing on priority Tribal lands.
Operational Support: The bill provides grants for operational support and technical assistance to these financial institutions, strengthening their ability to serve rural Native homebuyers.
Status:
Expired
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