Native Americans historically have had lower rates of home ownership and business ownership than the overall population of the United States. Finding the funding to buy a house or start a business can be tough, especially in times of tighter lending standards.
In response to this, the federal government has made government money available through various programs. To address the issue of low rates of home ownerships, Congress created the Indian Home Loan Guarantee Program (Section 184) in 1992 to increase Native American homeownership by allocating government money to reduce loan costs and encourage private lending on tribal lands.
This program is managed by the U.S. Department of Housing and Urban Development (HUD) and features various components. The program can help finance the cost to purchase or build a new home, rehabilitate an existing home, or refinance a mortgage. Government money has helped ensure that the Section 184 program has low down payments and the lowest mortgage loan guarantee cost available. This program can be used for houses in the United States that are either on or off a reservation.
HUD also offers the Indian Housing Block Grants program. This government money helps federally-recognized tribes conduct a wide range of programs on Indian reservations and within Indian areas, intended to help improve the community for the residents. Some uses of this government money include new housing construction and housing services for eligible families and individuals. For existing housing developments, crime prevention and safety programs enhance the livability of the communities and enable all residents to enjoy the neighborhood.
Another use of government money is for Native American veterans. Through the Native American Direct Loan (NADL) Program, the U.S. Department of Veteran’s Affairs (VA) helps eligible Native American active duty service members and veterans apply for a loan to purchase, build, or improve a home on federal trust land. These government money loans may also be used to purchase and improve a home or to refinance another U.S. Department of Veteran’s Affairs direct loan.
If you’re a Native American or Alaska Native who wants to start your own business, government money from the Department of the Interior (DOI) may be available to help you. The Indian Loan Guaranty, Insurance, and Interest Subsidy Program helps Native Americans and Alaska Natives get grants and loans from private lenders to start businesses on federal trust lands.
These are just a few examples of government money funding programs offered to Natives Americans. If you’re interested in finding out what else may be available to you, visit the government money website Benefits.gov and enter the search term “Native American benefits” to get the full and current list of government money programs that are being offered.