September 28, 2009

NM Organization Receives $500,000 to Expand Access to Home Loans on Native Lands

Udall: Funds Will Help More Native Families Achieve Home Ownership

WASHINGTON – U.S. Senator Tom Udall today announced the Navajo Partnership for Housing Inc. in Gallup will receive almost $500,000 from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) to increase access to home loans for Native families.

The $470,000, which was awarded by the Native American CDFI Assistance (NACA) program, will allow the Navajo Partnership for Housing to expand access to home mortgages, home improvement, interim construction loans and development services to Native families living on or near the Navajo Reservation.

“Funding for these housing projects is integral to creating economic opportunity for Native communities. This money will help increase affordable lending in the area and provide resources for Native Americans to build homes on Native land,” Udall said.

The purpose of the CDFI fund is to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities in the United States. The NACA supports those Native CDFI entities to better address the community development and capital access needs of Native American communities.