Rural Development Office

07/01/2024 | Press release | Distributed by Public on 07/01/2024 11:14

(July 1, 2024) U.S. Department of Agriculture (USDA) today announced that it is accepting applications to increase homeownership for people in Tribal communities under the[...]

What does this program do?

The Native Community Development Financial Institution (Native CDFI) Relending Demonstration Program is designed to improve homeownership opportunities for Native American Tribes, Alaska Native Communities, and Native Hawaiian Communities in rural areas.

The program provides mortgage lending capital to Native CDFIs through a 33-year loan at one percent interest, with a three-year payment deferral at loan onset.

Who can apply for this program?

Entities certified as Native Community Development Financial Institutions by the U.S. Treasury Secretary can apply for this relending demonstration program.

What is an eligible area?

Eligible areas include:

How can funds be used?

Native CDFI Relending Demonstration Program funds must be used to provide direct loans to recipients to buy, build, rehabilitate, improve, or relocate a primary residence on eligible land. The borrower must use the dwelling as their permanent residence.

What are some of the loan terms?

  • The minimum loan request for the participating Native CDFI is $800,000.
  • Individual loans have terms of 33 years at 1 percent, fixed interest.
  • USDA Rural Development will defer principal and interest payments for the first three years of the loan.
  • Relending Demonstration loan funds must be provided to individual loan recipients within three years of the loan closing date.

Is there a deadline to apply?

The application deadline is August 9, 2024.

How do we get started?

Application documents are available under the To Apply tab. You can also request paper application packages from USDA Rural Development by sending an email to [email protected].

What governs this program?

NOTE: Because citations and other information is subject to change, always consult the program instructions listed in the section above titled "What Governs This Program?" You can also contact your local office for assistance. You will find additional forms, resources, and program information at rd.usda.gov.