New funding helps homeowners in Baraga County

What's happening: The Lake Superior Community Development Corporation is receiving a $500,000 loan to finance five homes in Baraga County as part of a plan to expand homeownership opportunities for Native Americans. The plan from the U.S. Department of Agriculture specifically targets those living on tribal land in eight states. 

How it's funded: The USDA is allocating financial support through the Native CDFI Relending Demonstration Program. This USDA initiative extends loans to Native Community Development Financial Institutions (NCDFIs) to facilitate lending to qualified homebuyers. The pilot program is currently operated under the Single Family Housing Direct Loan program.

What they're saying: “Well-built, energy-efficient, affordable housing is essential to the vitality of communities in rural and Tribal America,” said Roger Glendenning, acting undersecretary for rural development. “Since 1949, USDA has helped provide homes for people living in rural and Tribal communities, and our partnership with Native Community Development Financial Institutions strengthens that legacy. That’s why we are proud to partner with these expert organizations to help us continue driving economic security and prosperity for people in Tribal communities across the nation.”

What's next: The Lake Superior Community Development Corporation will identify potential properties where houses can be built and find qualified homeowners who can take on the properties. The grants will be used with other private funds to develop the houses.