On Tuesday, June 13, Native CDFI Network’s CEO Pete Upton attended a Senate subcommittee meeting on the ‘State of Native American Housing’.
Throughout the hearing, led by Chair Tina Smith (D-MN) and Ranking Member Cynthia Lummis (R-WY), Upton and three other panelists highlighted the challenges they’ve encountered working with federal agencies, their thoughts on ways tribal housing programs can be improved, and the barriers to homeownership on tribal lands.
Upton asked the committee to consider particular proposed reforms of the CDFI Certification process under the US Treasury, focusing specifically on proposed prohibitions on interest-only mortgage loans, mortgage loans with balloon payments, and mortgage loans with terms longer than 30 years.
“I always refer to what we do as a big jigsaw puzzle. We look for what fits for our community and what’s going to be streamlined the quickest and fastest and what we’re most comfortable with” Upton said.
Read the full article from Tribal Business News, here.