Innovative Housing Models for Native Veterans

December9,2019NAIHCLegalSymposium

Overview of Session

VeteransHousingNeedsAssessment

HomeownershipProgramPilots

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Tribal Communities

• OST • CRST • SWO

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Studies available on website

www.sdnativehomeownershipcoalition.org/veterans-homeownership-studies-2019

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SDNHOCVETERANSNEEDSASSESSMENT:www.SDnativehomeownershipcoalition.org

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SDNHOCVETERANSNEEDSASSESSMENT:www.SDnativehomeownershipcoalition.org

12/8/20197SDNHOCVETERANSNEEDSASSESSMENT:www.SDnativehomeownershipcoalition.org

Key Homeownership Recs

• Creditandfinancialeducationcoursesandhomebuyereducationcustomizedforveterans

• Veteranhomebuyerreadinesscohorts

• Technicalassistancetohelpveteransnavigatebureaucracy

• Modifytheweightingofincomeandcreditforveteransapplyingforloans

• Financingforhomepurchase,infrastructuredevelopment,andrenovation

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CHEYENNE RIVER HOUSING AUTHORITY

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BadgerPark–Homesiteswithpre-installedinfrastructurededicatedtoveterans

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Veteran Model Projects

•Customizedhomebuyereducationcourseforveterans•Veteranhomeconstructionpilot–2veterans• SubsidiesfromHousingAssistanceCouncilandLISCNationalEquityFund(pending)

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Veteran Model Project

•PartnershipwithCRSTTribalVeteranServiceOfficer(TVSO)•Outreachtoveterans• Promotesfederalpolicychanges▪VANativeAmericanDirectLoanprogram

▪StreamliningtheBIAapprovalandTitleStatusReportprocesses 12

LAKOTA FUNDS 13

LAKOTA FUNDS MISSION IS TO PROMOTE ECONOMIC SUSTAINABILITY ON THE PINE RIDGE RESERVATION AND GEOGRAPHIC SERVICE AREA, THROUGH BUSINESS LOANS, TECHNICAL ASSISTANCE, AND WEALTH BUILDING EDUCATION FOR FAMILIES AND BUSINESSES.

Lakota Funds Mission

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Lakota Funds Products & Services

Business Development

•Business Lending•LOC’s•Ag Loans•Ag Training•Pasture Management•Herd Health•Ag Accounting •Business Coaching/TA•Business Planning•Oglala Lakota Art Center

Personal Growth & Asset Building

•Credit Builder Loan •Financial Literacy•Matched Savings Program-IDA•VITA•Eagle Nest Housing•Homebuyer and Post-Purchase

Education•Lakota Federal Credit Union•SD Native Homeownership Fiscal

Agent

Youth

•LNI Business Plan Competition•Child Development Account

Program

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Native American Veteran Homeownership Savings Account

❖ Applicant must save up $1,000.00 in their account to be eligible for a match.

❖ Lakota Funds will match $3,500.00❖ Applicant will have $4,500.00 to apply as a

mortgage down payment.

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NAVHSA Requirements❖ Proof of Veteran Status❖ Proof of Tribal

Enrollment❖ Financial Literacy,

Homebuyer Readiness, and 4hrs of Credit Coaching

❖ Account at Lakota Federal Credit Union

❖ Proof of approved home mortgage or construction loan on the Pine Ridge Reservation.

❖ Submission of a budget that includes mortgage payments and other costs in relation to homeownership

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NAVHSA Benefits❖ Providing Knowledge

about:➢Available Housing➢Financing options➢Credit➢Veteran’s Benefits

❖ Providing Assistance with:➢Finding available options➢Application process➢We will assist from

saving to homeownership

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Native American Veterans Homeownership Savings Account

❖ Barriers to Veteran’s Homeownership

❖ Lack of available housing❖ No knowledge of options

available to veterans, surrounding homeownership

❖ Lack of credit and knowledge of credit

❖ Lack of assistance for finding and obtaining homeownership

❖ Difficulty accessing and obtaining VA benefits

❖ What Lakota Funds is doing to break down these barriers:

❖ Providing Financial Literacy and Homebuyer Readiness Courses, and Financial Coaching

❖ Assisting with a budget to help applicants understand their finances.

❖ We will pave a successful path to homeownership for our veterans.

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Native American Veteran Homeowner, Garfield Iron Crow

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Native American Direct Loan

• VAlendstoeligibleveterans

• Veteranswithdisabilitystatuspayreducedornoguarantyfee

•Morefavorableterms

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NADL Modernization

• CreateloanpackagingprogramsimilartoUSDASection502

• AllowVAtocontractwiththirdpartiestoprovidehomebuyereducationandtechnicalassistancetoveterans

• AllowNADLtobeusedtorefinanceexistingmortgage

• PilotarelendingprogramsimilartoUSDASection50222