Native American Home Ownership Fair
HUD News Release:
CHICAGO - Sharon Taylor, a single-mother of five, who works for the Center For Neighborhood Technology, probably never thought of herself as Superwoman but lately she has been feeling very empowered.
Taylor is on the verge of becoming a first-time homeowner because of a Housing and Urban Development (HUD) home loan guarantee program created specifically for Native Americans.
Orlando Cabrera, HUD Assistant Secretary for the Office of Public and Indian Housing, introduced Taylor and her daughter, Stephanie, today at the opening of Chicago's First Native American Homeownership Fair.
HUD and local government entities such as the Chicago Housing Department and Illinois Housing Development Authority along with Native American community leaders brought critical home-buying information under one roof.
Taylor, who obtained financing from Wells Fargo Home Mortgage Native American Lending in Sioux Falls, S.D. has found the home she wants to buy and will be closing June 27th.
HUD's Section 184 Indian Housing Loan Guarantee Program gives tribal members the opportunity to become homebuyers by providing a 100 percent guarantee for mortgages on Indian lands, enabling private sector lenders to make mortgage loans to eligible Native American families, tribes and tribal housing entities that are purchasing homes.
It was designed to give Native American families the opportunity to purchase their own homes.
Previously, Native Americans participating in the Section 184 program were limited to the purchase of homes on land owned by the tribe, usually known as "trust" or "restricted" lands.
HUD's Office of Public and Indian Housing (PIH) is responsible for managing and administering a range of programs, including the two largest federal rental assistance programs - public housing and the Housing Choice Voucher Program, formerly known as Section 8.
