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USDA Rural Development Sustaining Relationships in Indian Country

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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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Presentation Transcript
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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slide4
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 OverviewContact information

Tedd Buelow

(720) 544-2911

[email protected]

www.rurdev.usda.gov/AI_ANHome.html

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