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USDA Rural Development Sustaining Relationships in Indian Country PowerPoint PPT Presentation


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USDA Rural Development Sustaining Relationships in Indian Country. 2009 - 2013 Summary of Investments. $2.3 billion benefitting American Indians & Alaska Natives Including: Home Ownership Loans = $594.1 million (4,724 loans) Water and Environmental = $388.6 million

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USDA Rural Development Sustaining Relationships in Indian Country

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Usda rural development sustaining relationships in indian country

USDA Rural DevelopmentSustaining Relationships inIndian Country


2009 2013 summary of investments

2009 - 2013 Summary of Investments

$2.3 billion benefitting American Indians & Alaska Natives

Including:

  • Home Ownership Loans = $594.1 million (4,724 loans)

  • Water and Environmental = $388.6 million

  • Community Facilities = $368.2 million

  • Broadband/Telecom = $294 million

  • Electric = $558.3 million

  • Rural Business and Cooperative Programs = $96 million

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Section 502 single family housing direct loans

Section 502-Single Family Housing Direct Loans

  • Credit history must be established

  • FY 14 Funding ~ $900 million

  • Lease & Ordinance Review (One-Stop)

  • Low & Very-Low Income Borrowers

  • Mortgages are fixed rate for 30-38 years

  • Interest Rates (as low as 1%)

  • 100% financing available.

  • Partial “Recapture” of interest subsidy

www.rurdev.usda.gov/HAD-Direct_Housing_Loans.html

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Usda rural development sustaining relationships in indian country

Section 502-Single Family Housing Guaranteed Loans

  • Lease & Ordinance Review

  • Applications made with approved lenders

  • Mortgages are 30 years fixed rate

  • 100% Financing Available

  • Interest rates are negotiated with the lender

  • There is no maximum loan amount

  • In some cases, closing costs and repairs can be financed with the home purchase

  • FY 14 Funding ~ $24 Billion

  • Upfront Fees:

    • Purchase & Refinance: 2%

  • Annual Fees:

    • Purchase & Refinance:.40%

www.rurdev.usda.gov/HAD-Guaranteed_Housing_Loans.html

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Section 504 single family housing home improvement loan grant program

Section 504-Single Family HousingHome Improvement Loan & Grant Program

  • FY 14 Funding

    • $28.7 Million (grants)

    • $26.2 Million (loans)

  • “Note Only” feature facilitates Lease/Mortgaging problems (loans less than $7,500)

  • If no experience with RD - this is a great place to start

  • Applicant must be income eligible and 62 years of age or older to qualify for grant assistance

  • Grant has 3 year recapture clause

  • Roofs, plumbing, handicap accessible ramps, windows, etc.

    • Can’t be cosmetic improvements

504 Customer

Lummi Reservation, WA

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www.rurdev.usda.gov/HAD-RR_Loans_Grants.html


Section 523 single family housing mutual self help assistance grant

Section 523-Single Family HousingMutual Self Help Assistance Grant

Key Features

Screening & synchronizing the timing of families

Problems of getting loans closed timely on Trust lands

Recommend a variety of loan products be available

FY14 ~ $25 million available

Issues

  • Grants are to nonprofits

  • Typically 5-8 families or individuals work together under the guidance of a construction supervisor

  • Perform at least 65 percent of the construction work building their own homes and earn “sweat equity”

www.rurdev.usda.gov/HAD-Self-Help_Grants.html

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502 sfh loan activity to ai an

502 SFH Loan Activity to AI/AN

Number of Loans

Fiscal Years


504 sfh activity to ai an

504 SFH Activity to AI/AN

Number of Loans

Fiscal Years


Sfh lending process on tribal lands

SFH Lending Process on Tribal Lands

  • One Stop Mortgage Process

    • RD, HUD, VA

    • Model Ordinance, Model Lease, MOU

    • Leasehold Mortgage

  • Recent Changes

    • Revised BIA Leasing Regulations (7/12)

    • Helping Expedite and Advance Responsible Tribal Homeownership (HEARTH) Act (7/12)

  • Lending on Native American Lands

    www.rurdev.usda.gov/supportdocuments/LendingOnNativeLands_RD.pdf


Contact information

USDA Rural Development Program Overview

Contact information

Tedd Buelow

(720) 544-2911

[email protected]

www.rurdev.usda.gov/AI_ANHome.html

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