South Dakota’s State Director says the US Department of Agriculture’s Rural Development office is providing $4 million in loans to expand the Native American Relending Pilot program.
State Director Nikki Gronli says two Native Community Development Financial Institutions– one based in Eagle Butte and one located on the Pine Ridge Reservation– will use the loan funds to expand homeownership opportunities for Native Americans living on tribal lands in South Dakota.
“USDA is committed to expanding opportunities for homeownership to strengthen tribal communities and help families and individuals build wealth and achieve financial stability. For these reasons, Rural Development is providing $4 million in loans to help Four Bands and Mazaska expand Indigenous homeownership opportunities in rural South Dakota.”
The Department will loan $1 million to Mazaska Owecaso Otipi Financial and $3 million to Four Bands Community Fund. Both organizations have extensive experience working with people in Native American communities. Mazaska Owecaso Otipi Financial and Four Bands Community Fund will also service the mortgage loans after they are made. Each NCDFI will provide 20% in matching funds.
L-R: Lacey Turning Heart, Four Bands Loan Administrator; Tori Chasing Hawk, Four Bands Client Services Coordinator; Joaquin Tremols, Rural Development Single Family Housing Guaranteed Loan Director; Ingrid Ripley, Rural Development Executive Director for Single Family Guaranteed Loan Program; David Corwin, Rural Development Lender and Partner Programs Deputy Director Nikki Gronli, Rural Development State Director for South Dakota; Lakota Vogel, Four Bands Executive Director.
Courtesy photo.
L-R: Haylee Cottier, Mazaska Loan Assistant; Opeia Fox Belly, Mazaska Asset Development Advisor; Nikki Gronli, Rural Development State Director for South Dakota; Amanda Standing Bear, Mazaska Housing Specialist; Stephanie Provost, Mazaska Loan Officer.
Courtesy photo.
USDA is providing the funding under the Single Family Housing Direct Loan program. Through this program, USDA provides loans to NCDFIs, which relend the funds to eligible homebuyers to purchase homes on Native lands.
Background
In 2018, USDA lent $1.6 million to Four Bands Community Fund and Mazaska Owecaso Otipi Financial. Both NCDFIs have deep ties to the local communities. Mazaska Owecaso Otipi Financial is located on the Pine Ridge Reservation in South Dakota. It creates homeownership opportunities for the members of the Oglala Sioux Tribe. Four Bands Community Fund, headquartered in Eagle Butte, provides home mortgages and other financial products to businesses in South Dakota and North Dakota. Part of its service area includes the Standing Rock Reservation in North Dakota.
USDA has helped nearly 4 million rural residents purchase homes since the passage of the Housing Act of 1949. Homeownership rates on Native American lands have historically been lower than those for other communities.
To learn more about investment resources for rural areas, visit www.rd.usda.gov/sd or contact the South Dakota USDA Rural Development state office.
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.
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