Rounds, Tester Leading Legislation to Improve Homeownership Opportunities for Native American Veterans
WASHINGTON – U.S. Senators Mike Rounds (R-S.D.) and Jon Tester (D-Mont.), member and Chairman of the Senate Committee on Veterans’ Affairs, reintroduced the Native American Direct Loan (NADL) Improvement Act, bipartisan legislation aimed at helping Native American veterans achieve homeownership.
“Homeownership is part of the American dream and a key to building wealth,” said Rounds. “This legislation seeks to improve the NADL program and offers enhanced outreach and other assistance as needed to Native American veterans who are looking to qualify for mortgage financing. By creating expanded access for Native American veterans, our bill will help make the dream of homeownership a reality.”
“Native Americans serve our nation at the highest rates, and deserve access to safe and affordable housing when they return home from service,” said Tester. “Our bipartisan bill will ensure more Native veterans are able to achieve homeownership through critical services under the Native American Direct Loan program to buy, build, or fix up homes on tribal lands.”
This legislation would reform the NADL program administered by the Department of Veterans Affairs (VA) and make it more accessible to Native American veterans living on trust land.
The NADL Improvement Act:
- Allows Native American veterans to use the NADL program to refinance other existing mortgages on the same property.
- Expands the VA’s existing NADL program outreach to include collaborating with local service providers that are familiar with the mortgage lending process on trust land, which would offer homebuyer education and housing counseling to assist Native American veterans who are looking to qualify for mortgage financing.
- Creates a relending program to allow Native Community Development Financial Institutions (CDFIs) to obtain loans through the NADL program and relend those funds to qualified Native American veterans.
Rounds and Tester also introduced this legislation in the 117th Congress.
Click HERE for full bill text.