2010 Native American Homeownership
Initiative
Native American Homeownership
Initiative Funds Available Beginning
January 4, 2010
Effective January 4, 2010, FHLB Des
Moines will allocate $1 million of
its annual Affordable Housing
Program contribution to members to
help eligible Native American
households purchase single family
owner-occupied properties.
Enrollment begins January 4, 2010
and funds will be available on a
first come, first served basis until
December 31, 2010. Each member may
reserve up to $50,000 at a time for
up to 90 days. Members with an
allocation of NAHI funds from any
previous year must disburse those
funds before they can reserve funds
in the current program. Funds not
disbursed at the end of 90 days will
be made available to all members for
reservation.
If
you have any questions about the
program, please contact Evelyn
Bengtson at 800.544.3452, ext. 1064.
Please review the updated Program
Guidelines for 2010.
Important changes for 2010
include:
-
Assistance will be provided to
income eligible households that
include an enrolled member of a
federally recognized tribe. At
least one of the purchasers of a
residence must be an enrolled
member of the tribe. To verify
eligibility, the Bank will
require that a copy of the
eligible household member’s
tribal enrollment card be
submitted with the Certification
& Draw Request Form.
-
Eligible households may purchase
a residence outside of a Native
American Service Area.
-
Owner-occupied units must be
located within the Bank’s
five-state district (Minnesota,
North Dakota, South Dakota,
Iowa, and Missouri).
-
In all cases an assisted
household may not own, or be an
investor in, another residence
even if that residence is
rented.
-
Effective October 1, 2009
amendments to Regulation Z
established a new class of
“higher priced mortgage loans”
to consumers. For these higher
priced mortgage loans certain
prohibitions apply including
balloon payments within the
first seven years of a
borrower’s loan and prepayment
penalties, except under certain
conditions. The rules also
require that lenders verify the
borrower income and assets
relied on to make the mortgage
payment and provide for escrow
of tax and insurance on first
mortgage liens. Any residential
mortgage that does not comply
with anti-predatory lending
laws, which would include this
new regulation, will be
ineligible to be used with a
NAHI grant. Please see the
Program Guidelines and
Instructions for Completing the
Certification & Draw Request
for guidance.
Important: Any member funding a 2009
NAHI commitment between January 1,
2010 and March 31, 2010 must utilize
the 2009 program guidelines and
submit the 2009 Certification & Draw
Request Form.
For
2009 forms, click
here.
|
2010 Native American
Homeownership Initiative
Forms |
Document Type
(Word or PDF) |
|
Checklist for a Successful
NAHI Program |
Word |
PDF |
| Program Guidelines |
Word |
PDF |
|
Definitions and Acronyms |
Word |
PDF |
|
Enrollment Form |
Word |
PDF |
|
Commitment Form |
Word |
PDF |
Certification & Draw Request
Form
Updated June 2010 |
Word |
PDF |
|
Instructions for Completing
the Certification & Draw
Request Form |
Word |
PDF |
|
NAHI Retention Agreement
(Deed Restriction)
For use on Tribal lands |
Word |
|
|
Note: The PDF
documents above may include
active links to other
website pages or documents. |
Please see the
AHP Homeownership Forms page for
additional resources, documents and
forms for this program. This
includes:
-
Retention Agreement (Deed
Restriction) for loans not made
on Tribal lands
-
Subordination Agreement for
subordination of Retention
Agreement
-
Income Determination Guidelines
for Owner Occupied Projects and
Calculation of
Income Worksheet for calculation
and certification of borrower
household income
-
Forms for recapture of subsidy
2009 Native American
Homeownership Initiative Forms
For copies of the 2009 Native
American Homeownership Initiative
guidelines and
forms, click
here.
Income
Guidelines and Purchase Price
Limits