Native American Direct Loan Improvement Act of 2023
3/12/2024, 10:40 PMSummary of Bill S 185
Bill 118 s 185, also known as the Native American Direct Loan Improvement Act of 2023, aims to improve the process for Native American tribes to access direct loans from the federal government. The bill seeks to streamline the application and approval process for these loans, making it easier for tribes to secure funding for economic development projects, infrastructure improvements, and other initiatives that benefit their communities.One key provision of the bill is the establishment of a dedicated office within the Department of the Interior to oversee the direct loan program for Native American tribes. This office will be responsible for providing technical assistance to tribes during the application process, ensuring that they have the support they need to navigate the complexities of securing a loan.
Additionally, the bill includes measures to increase transparency and accountability in the direct loan program. It requires the Department of the Interior to report regularly to Congress on the status of loan applications, approvals, and disbursements, ensuring that the process is fair and efficient. Overall, the Native American Direct Loan Improvement Act of 2023 aims to empower Native American tribes to access the financial resources they need to support their communities and promote economic development. By streamlining the loan application process and increasing transparency, the bill seeks to remove barriers that have historically hindered tribes from accessing federal funding.
Congressional Summary of S 185
Native American Direct Loan Improvement Act of 2023
This bill revises the Native American Direct Loan (NADL) program, which is administered by the Department of Veterans Affairs (VA). Under the NADL program, the VA makes loans directly to Native American veterans to purchase, construct, improve, or refinance their homes located on federal trust land.
Specifically, the bill expands the NADL program by allowing Native American veterans to refinance other existing mortgage loans on the same property if certain conditions are met.
Additionally, the bill requires the VA to conduct additional program outreach by partnering with local service providers (e.g., tribal organizations and nonprofit organizations) to conduct outreach, homebuyer education, housing counseling, and post-purchase education.
The bill directs the VA to assign a sufficient number of personnel to carry out the NADL program, including construction and valuation specialists to assist with issues unique to new construction and renovations on trust land.
The bill also authorizes the VA to make a loan with a 1% interest rate to a Native community development financial institution to allow the institution to relend loan amounts to qualified Native American veterans residing on federal trust land.
