U.S. Department of Agriculture Rural Development South Dakota State Director Lorraine Polak announced that Lakota Funds has signed loan closing documents to become the state’s third home loan lender in South Dakota under the Single Family Housing Direct Home Loans program. This $764,000 investment will provide working capital to finance home loans on the Pine Ridge Reservation in southwest South Dakota.
“Affordable housing is so important on our Tribal lands,” said Polak. “And we are excited that Lakota Funds now becomes the third Native Community Development Financial Institution in South Dakota to provide home loans to Native Americans, directly supporting Agriculture Secretary Brooke Rollin’s commitment to expand access to capital and strengthen economic opportunities in Tribal communities.”
USDA Rural Development has invested more than $8.6 million in South Dakota since its inception of the relending program. In addition to Lakota Funds’ investment, the first two institutions in the nation to pilot the program were:
- Mazaska Owecaso Otipi Financial, located on the Pine Ridge Reservation, has received nearly $3.1 million since 2018.
- Four Bands, located on the Cheyenne River Reservation, has received more than $4.8 million since 2018.
Since 2023, USDA Rural Development has invested more than $24.7 million in 12 additional states to provide home loans through the program.
USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas. Discover more investment details and historical data in the Rural Data Gateway.
Learn more about USDA Rural Development programs, investment opportunities, and past investment stories at RD.USDA.Gov/SD.
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