Six Native Community Development Financial Institutions Will Finance New Homes on Tribal Lands with USDA Investments
BAYFIELD, Wisc., Oct. 18, 2024 – U.S. Department of Agriculture (USDA) Rural Development Acting Deputy Under Secretary Lillian Salerno today announced the Department is partnering with six Native Community Development Financial Institutions (Native CDFI) to expand homeownership opportunities for Native Americans living on Tribal lands in six states.
“The Biden-Harris Administration and USDA are taking action to ensure everyone has an affordable place to call home,” Acting Deputy Under Secretary Salerno said. “These investments will give people the resources they need to build, purchase or repair homes in Tribal communities, creating the opportunity to build generational wealth through homeownership.”
USDA is providing funding to each institution through the Native CDFI Relending Demonstration Program, which is administered under the Single Family Housing Direct Loan Program.
The demonstration program provides loans to Native CDFIs, who then work within communities to provide financing to eligible homebuyers on Native lands to build, purchase or repair homes.
For instance:
- In Alaska, Ha Yaakawu is receiving a $876,000 loan to finance approximately 5 homes.
- In Oregon, Nixwyaawii Community Financial Services is receiving a $525,600 to finance approximately 3 homes.
- Hawai‘i Community Lending is receiving a $1.6 million loan to finance approximately 4 homes.
- In Michigan, Lake Superior CDC is receiving a $700,800 loan to finance approximately 7 homes.
- In Oklahoma, Cherokee Nation, CNDTA Inc. is receiving a $876,000 loan to finance approximately 10 homes.
- Wisconsin Native Loan Fund is receiving a $876,000 loan to finance approximately 9 homes.
Since the start of the Biden-Harris Administration, USDA has invested $18.5 million to 11 NCDFIs to help approximately 150 families and individuals purchase homes on their Native lands.
These investments are helping families like Ashley Elk Nation and her sons in South Dakota. The family was living in a single-wide mobile home in Eagle Butte but wanted more stability in a safer neighborhood. The family applied for a loan with help from Four Bands Community Fund, a Native CDFI that previously received funding under the demonstration program. In October 2022, Ashley Elk Nation moved her family into an affordable new home that met all their needs for more indoor and outdoor space in a neighborhood where they felt comfortable.
Background
The Biden-Harris Administration made funding available for the Native CDFI Relending Demonstration Program pursuant to the Consolidated Appropriations Act of 2024.
Today’s announcement expands USDA’s partnerships through the program by extending six loans to native lending institutions, to continue to address this historical disparity and demonstrate USDA’s commitment to Tribal communities.
To learn more about investment resources for rural areas, visit www.rd.usda.gov or contact the nearest USDA Rural Development State Office
USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. Visit the Rural Data Gateway to learn how and where these investments are impacting rural America.
See more at USDA here.