NATIVE AMERICAN HOME OWNERSHIP OPPORTUNITY ACT OF 2007
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Mr. BACA. Madam Speaker, I rise today to voice my strong support for H.R. 1676, the Native American Homeownership Opportunity Act of 2007. This important legislation reauthorizes the Section 184 Indian Loan Program, which offers home ownership, property rehabilitation, new construction, and refinance opportunities for Native Americans.
I want to thank my friend, Mr. BOREN, for sponsoring this bill and championing this cause which is of great significance to so many Native families in this country.
Section 184 advances the opportunity for Native Americans seeking homeownership and addresses the issue of lack of mortgage lending for homes in Indian Country.
The Section 184 program guarantees single-family residential loans for Native American borrowers, thereby increasing the homeownership for Native Americans.
While many Native Americans struggle to own a home and provide for their families, H.R. 1676 eases that burden. The program provides a 100 percent guarantee of the outstanding principal and interest and payment of other necessary and allowable expenses.
Section 184 allows for many Native Americans to become first-time homeowners. According to HUD, since the start of the program roughly 4,200 loans have been guaranteed.
Almost 200 tribes participate in the Section 184 program nationwide, 31 of which are from my home State of California.
In the Inland Empire alone, the Saboba Band of Luiseno Indians, the Cabazon Band of Cahulla Mission Indians and the Morongo Band of Mission Indians have been able to provide homeownership for many families through this program.
H.R. 1676 will help close the homeownership gap and increase for Native Americans in my area and all across the country. Let's help all Americans achieve the dream of owning a home.
I urge my colleagues to support this important bill.
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