§3762A Native Community Development Financial Institution Relending Program

Summary

The Secretary may lend money to a Native community development financial institution (CDFI) so the CDFI can relend those funds to qualified Native American veterans who live on trust land. The Secretary must set standards to decide who gets a loan. Those standards will make sure the CDFI can make and service single-family home loans, runs the relending program to serve veterans, and uses the money only for relending to Native American veterans. Loans from the CDFI to veterans must be for buying, building, improving, or refinancing a home on trust land and must follow protections against predatory lending, including rules about interest rates. The loan to the CDFI must be paid back to the Secretary under rules the Secretary sets and will carry a 1% interest rate. After giving notice and a chance for a hearing, the Secretary can act if a CDFI fails to keep good records, service loans properly, use good credit judgment, or otherwise harms veterans or the government. Actions can include requiring immediate repayment and taking assignment of the loans the CDFI made to veterans. The Secretary cannot make new loans under this program after September 30, 2027.