US Department of Agriculture Rural Development (USDA) officials celebrated with a ribbon cutting ceremony today to welcome Anthony and Jennifer Hornedeagle and their three children into their home. Representatives from Homes Are Possible Inc. (HAPI), Grow South Dakota, Coalition of Indian Housing and Native Development (CIHAND), Dacotah Bank, CenDak Reality, Inc., and local elected officials also attended the ceremony.
“Homeownership is a critical step on the ladder of opportunity. Homeownership is a major accomplishment in an individual’s life and the Hornedeagles can take great pride in achieving the American dream,” said South Dakota USDA Rural Development State Director Bruce Jones. “Homeownership provides financial stability, self-worth, and security for rural families.”
The Hornedeagle family was highlighted for receiving a USDA Rural Development Section 502 Direct Single Family Housing packaged loan from HAPI to purchase their home. An important piece of homeownership is also recognizing the partners who strive to make homeownership dreams come true.
This family was the first to benefit from a partnership between CIHAND and Dacotah Bank, together they deliver the NAHI program which is funded through the Federal Home Loan Bank of Des Moines (FHLB).
FHLB can provide an eligible household a forgivable grant for down payment and costs in conjunction with a 502 Direct loan from USDA Rural Development. Through the partnership, CIHAND funds the NAHI grant at the time of closing on the property. Once the repairs or rehab have been completed, FHLB and Dacotah Bank reimburse the funds to CIHAND. This funding helps provide a Native American family a homeownership opportunity that is affordable to them.
“This home has enabled us to put down roots and provided a place for our children to create lasting memories. The best words to describe it are charming and cozy,” said new homeowner Jennifer Hornedeagle.
USDA Rural Development’s direct loan program allows borrowers to purchase an existing home, finance new construction, or repair an existing home. Eligibility is based on household income, which must not exceed 80% of the median income for the area; repayment ability; and credit history. Payments can be based on an interest rate as low as one percent.
USDA Rural Development in South Dakota has offices in Aberdeen, Huron, Mitchell, Pierre, Rapid City, Sioux Falls, Watertown, and Yankton. For more information, visit the USDA Rural Development website at http://www.rd.usda.gov/sd.
The Administration’s plan for rural America has brought about historic investment and resulted in stronger rural communities. These investments in housing, community facilities, businesses, and infrastructure have empowered rural America to continue leading the way by strengthening America’s economy, small towns, and rural communities. USDA’s investment in rural communities supports the rural way of life that stands as the backbone of our American values.