New bill receives positive support from Native American community leaders [Video]

SIOUX FALLS, S.D. (Dakota News Now) – A bill that would help Native Americans get home mortgages has some hope.

Senator Mike Rounds said he’s confident that Senate Bill 1941 will get bipartisan support and pass in Congress.

If passed, the bill would permanently fund the Native Community Development Financial Institution lending program, a USDA program. However, the bill was introduced in June of 2023 and has been sitting in the Senate Banking, Housing and Urban Affairs Committee since March.

“I think it’s taken this long because, to me as a CDFI, I have to build up my own balance sheet in order to re-lend capital, so the average mortgage is $250,000. In order for me to get 15 loans done, which the demand is there, I have to have an enormous amount of capital,” Lakota Vogel, Four Bands Executive Director said.

Additionally, if passed, $50 million would go to …