Legislation led by U.S. Sen. Mike Rounds (R-SD) to help Native American military veterans living on trust land obtain or refinance mortgages is headed to President Joe Biden’s desk to be signed into law.
“I am pleased this bill is heading to the president’s desk to be signed into law, making the dream of homeownership a reality for more of our veterans,” said Sen. Rounds on Dec. 19.
The bipartisan Native American Direct Loan Improvement (NADL) Act, S. 185, which Sen. Rounds sponsored in January 2023 with U.S. Sen. Jon Tester (D-MT), was included in the larger bill, the Senator Elizabeth Dole 21st Century Veterans Healthcare and Benefits Improvement Act, S. 141, which the U.S. House of Representatives passed on Dec. 16 with a 389-9 vote after the U.S. Senate approved it on Dec. 12.
Text from Sen. Rounds’ NADL Improvement Act that’s included in the larger bill will reform the NADL program, which is administered by the U.S. Department of Veterans Affairs (VA), and make it more accessible to Native American veterans living on trust land, according to a bill summary provided by the senator’s staff.
“Homeownership is part of the American dream and a key to building wealth,” Sen. Rounds said. “The mortgage lending process is particularly difficult on tribal trust land. My legislation seeks to improve the NADL program by offering enhanced outreach and other assistance as needed to Native American veterans who are looking to qualify for mortgage financing.”
Specifically, his bill will allow Native American veterans to use the NADL program to refinance other existing mortgages on the same property; expand the VA’s existing NADL program outreach to include collaborating with local service providers that are familiar with the mortgage lending process on trust land; and create a relending program to allow Native Community Development Financial Institutions to obtain loans through the NADL program and relend those funds to qualified Native American veterans, the summary says.