Tribal Trust Land Homeownership Act of 2023

Tribal Trust Land Homeownership Act of 2023

This bill sets forth requirements for the processing of a proposed residential leasehold mortgage, business leasehold mortgage, land mortgage, or right-of-way document by the Bureau of Indian Affairs (BIA). The BIA must notify lenders upon receipt of such documentation, perform a preliminary review of such documents not later than 10 days after receipt, and approve or disapprove of such documents within 20 or 30 days, depending on the type of application.

Additionally, the bill sets forth requirements for the BIA regarding (1) response times for the completion of certified title status reports, (2) notification of delays in processing, and (3) the form of notices and delivery of certain reports.

The bill also provides relevant federal agencies and Indian tribes with read-only access to the Trust Asset and Accounting Management System maintained by the BIA.

The Government Accountability Office must report on digitizing documents for the purpose of streamlining and expediting the completion of mortgage packages for residential mortgages on Indian land.

Finally, the bill establishes within the BIA's Division of Real Estate Services the position of Realty Ombudsman.

Bill 118 HR 3579, also known as the Tribal Trust Land Homeownership Act of 2023, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of homeownership on tribal trust lands, which are lands held in trust by the federal government for Native American tribes.

The bill aims to streamline the process for tribal members to obtain mortgages and other forms of financing for homeownership on tribal trust lands. It also seeks to provide resources and support for tribal governments to develop and implement homeownership programs on these lands.

One key provision of the bill is the establishment of a Tribal Trust Land Homeownership Commission, which would be responsible for overseeing and coordinating efforts to increase homeownership on tribal trust lands. The commission would work with tribal governments, financial institutions, and other stakeholders to develop strategies and programs to facilitate homeownership on these lands. Additionally, the bill includes provisions to improve access to financing for tribal members seeking to purchase homes on tribal trust lands. This includes measures to increase the availability of mortgage financing and to provide financial literacy and homeownership counseling to tribal members. Overall, the Tribal Trust Land Homeownership Act of 2023 aims to address the barriers that have historically prevented tribal members from achieving homeownership on tribal trust lands. By providing support, resources, and coordination, the bill seeks to increase homeownership opportunities for Native American tribes and improve the overall economic well-being of tribal communities.