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USDA Rural Development Sustaining Relationships in Indian Country

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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  1. USDA Rural DevelopmentSustaining Relationships inIndian Country

  2. 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 2

  3. 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 3

  4. 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 4

  5. 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 5 www.rurdev.usda.gov/HAD-RR_Loans_Grants.html

  6. 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 6

  7. 502 SFH Loan Activity to AI/AN Number of Loans Fiscal Years

  8. 504 SFH Activity to AI/AN Number of Loans Fiscal Years

  9. 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

  10. USDA Rural Development Program Overview Contact information Tedd Buelow (720) 544-2911 Tedd.Buelow@wdc.usda.gov www.rurdev.usda.gov/AI_ANHome.html 10

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