S.Amdt. 3326

SA 3326 is an amendment proposed by Ms. Smith and Mr. Rounds to be added to bill S. 2296. It aims to change the Housing Act of 1949 by adding a new section focused on a Native Community Development Financial Institutions (CDFI) Relending Program.

The purpose of this addition is to:

• Increase homeownership opportunities for Native Hawaiian communities, Alaska Native Communities, and Indian Tribes in rural areas.
• Provide capital to Native community development financial institutions to increase the number of mortgage transactions they handle.

To achieve this, the amendment adds the following:

• Funding and Loans: It allows the Secretary to use up to $50,000,000 each fiscal year for direct loans to certified Native CDFIs.
• Lending Rules: These institutions must use the funds to provide loans to members of, or households containing members of, the specified Native communities, with priority given to those on priority Tribal land.
• Requirements: Native CDFIs must generally match 20 percent of the loan amount, though this is waived for loans to borrowers on priority Tribal land.
• Support and Oversight: The amendment provides for operational support grants (up to 20 percent of the loan amount), $1,000,000 annually for technical assistance and outreach from 2025 to 2027, and strict reporting requirements to the Secretary and Congress to evaluate the program's effectiveness.