Cole Supports Native American Home Ownership Act

WASHINGTON, D.C.-U.S. Congressman Tom Cole (OK-4) today supported passage of H.R. 1676, the Native American Home Ownership Opportunity Act of 2007. This legislation, which passed the House today, reauthorizes the Section 184 loan guarantee program administered through the U.S. Department of Housing and Urban Development (HUD) through fiscal year 2012. The bill provides loan guarantees to private-sector lenders who make mortgage loans to eligible borrowers for homes located in Native American Communities.

"I am proud to vote for a bill that will increase home ownership and improve the quality of life for Native American communities in Oklahoma," Congressman Cole said. "As a member of the Chickasaw Nation, fighting for the interests of Native Americans has long been one of my highest priorities and I will continue to work hard on their behalf."

Oklahoma currently has 24 tribes who participate in the program. Nationally the program assists 196 Native American tribes in obtaining their own home. Since its establishment, the program has guaranteed $517 million in loans nationwide, including $122 million in Oklahoma alone. Due to its strong Native American population, the state consistently represents 34 percent of the total loans guaranteed through the program.

Nationally, much of the land in Indian Country is held in trust by the federal government and therefore cannot be mortgaged without a program such as this.

More information on the program or on how to participate in the HUD Section 184 loan guarantee program can be found at www.hud.gov.

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