Adrianne Todman, Deputy Secretary | https://www.hud.gov/leadership#sec
The U.S. Department of Housing and Urban Development (HUD) is set to bolster a program aimed at promoting homeownership among Native Americans. The initiative, known as the Section 184 Indian Housing Loan Guarantee (Section 184), will provide an avenue for Native American families seeking to own homes in the foreseeable future.
According to a HUD news release, Tribal leaders and other stakeholders will collaborate with HUD to fortify the program, which aims to enhance homeownership across Indian Country. Richard Monocchio, HUD’s Principal Deputy Assistant Secretary for Public and Indian Housing, made this announcement during his meeting with Tribal leaders across Oklahoma.
Monocchio stated, "Since its inception, the Section 184 program has guaranteed over $10 billion in mortgage loans to Native American homebuyers." He further added that "the Section 184 program is a vital tool to so many Native American homebuyers. The new regulations will bring additional transparency and predictability to this important program and is another example of the actions this Administration has taken to expand homeownership opportunities."
The news release further clarifies that Section 184 loans can be utilized for construction, renovation, purchasing an existing dwelling or refinancing a home. Tribes can use the program to finance the construction of new housing for their communities or an American Indian or Alaska Native family can use it to purchase their first home.
HUD Acting Secretary Adrianne Todman emphasized on the importance of homeownership in wealth creation. She said, "Homeownership is key to building generational wealth. By enhancing the Section 184 program, we are ensuring homeownership and wealth-building opportunities are available to Native American borrowers." Todman also highlighted that "today’s announcement emphasizes the Biden-Harris Administration’s dedication to strengthening the Nation-to-Nation relationship with Tribes and making key investments in Indian Country."
