Hoeven: Standing Rock Sioux Tribe Eligible for USDA Rural Development Home Ownership Pilot Program
Pilot Provides Loans to Assist Low-Income Families with Home Purchase
WASHINGTON – Senator John Hoeven, Chairman of the Senate Committee on Indian Affairs and the Senate Agriculture Appropriations Committee, this week announced that the Standing Rock Sioux Tribe in North Dakota is now eligible for a USDA Rural Development pilot program that assists low-income families with purchasing a home.
“Limited access to capital is often a barrier preventing homeownership in Indian Country,” said Hoeven. “Under this pilot program, low-income families on the Standing Rock Reservation will have access to Rural Development loans through Native Community Development Financial Institutions to help purchase a home. By providing better access to capital, we can help these families achieve homeownership and help grow the local community.”
The USDA Rural Development Section 502 direct loan program provides loan assistance to help low-income families in rural areas purchase homes. Under the pilot program, Native Community Development Financial Institutions (NCDFIs) are eligible to borrow under the existing Section 502 program. These NCDFIs, which have proven to be successful in financing businesses and providing financial service on tribal lands, would then relend Section 502 funding to help eligible Standing Rock tribal families to purchase a home.
Next Article Previous Article