Thursday, June 28, 2007

Legislation pushes American Indian home ownership

Legislation pushes American Indian home ownership
New Mexico Business Weekly - June 21, 2007


Renewed legislation will continue to make it easier for American Indians on tribal lands to secure home loans.

President Bush has signed the Native American Home Ownership Opportunity Act of 2007, a five-year extension of Section 184 of the U.S. Department of Housing and Urban Development's Loan Guarantee Program.

Section 184 first went into effect in 1992, and has since guaranteed 4,500 loans totaling $573.1 million.

The legislation guarantees repayment of mortgage loans to lenders, making it easier for eligible families, tribes and tribal entities to purchase homes.

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