The Fiscal Year 2023 Native Community Development Financial Institution (NCDFI) Relending Demonstration Program Notice of Funding Availability was published in the Federal Register.
The NCDFI Relending Demonstration Program is designed to increase homeownership opportunities for Native American Tribes, Alaska Native Communities, and Native Hawaiian Communities in rural areas. The program will provide capital to NCDFIs; loans made to NCDFIs will be relent to the ultimate recipients (low- and very low-income people who will live on tribal lands and are in need of affordable, modest single-family homes).
Through this program, USDA’s Rural Housing Service (RHS) provides mortgage lending capital to Native CDFIs through a 33-year loan at one percent interest, with a three-year payment deferral at loan onset. Using at least 20% matching funds provided by Native CDFIs, these demonstration program loans are then passed through to eligible mortgage loan recipients located on Tribal Lands.
Completed applications must be submitted using one of the following methods:
• Paper submissions: The Agency must receive paper applications by 4:30 PM local time, July 17, 2023. Applications can be mailed to:
USDA Rural Development, Washington State Office, Attention: Andria Hively, 1835 Black Lake Blvd. SW, Olympia, WA 98512.
• Electronic submissions: Electronic applications must be submitted via email to [email protected] by 11:59 PM ET on July 17, 2023.