Bill Overview
Title: Native American Direct Loan Improvement Act
Description: This bill addresses housing and homeownership for Native American veterans. Specifically, the bill revises the Native American Direct Loan program administered by the Department of Veterans Affairs (VA) to (1) allow Native American veterans to refinance existing mortgage loans; and (2) award grants to local service providers for conducting outreach, homebuyer education, housing counseling, risk mitigation, and other technical assistance to assist Native American veterans seeking to qualify for mortgage financing. Additionally, the bill directs the VA to carry out a pilot program to address the feasibility and advisability of making direct housing loans to Native community development financial institutions for relending loan amounts to qualified veterans.
Sponsors: Sen. Rounds, Mike [R-SD]
Target Audience
Population: Native American veterans
Estimated Size: 1000000
- Native American veterans are specifically targeted by the bill, as it aims to improve their housing and homeownership opportunities.
- The bill allows Native American veterans to refinance existing mortgage loans and receive grants for various types of assistance related to homeownership.
- The pilot program is targeted at Native community development financial institutions, which will relend to qualified Native American veterans.
- There are over 1 million veterans who identify as Native American, according to the U.S. Census data.
Reasoning
- The Native American Direct Loan Improvement Act targets Native American veterans, aiming to improve their housing situation through loans and grants.
- The policy may significantly impact those veterans who are currently seeking to improve their housing but face financial barriers.
- It is important to include individuals who are not directly affected by this policy to understand its broader implications.
- The budget constraint means not all Native American veterans will be impacted immediately; therefore, the impact can range from high to none for different individuals.
- The policy will likely increase the wellbeing of those who can access better mortgage terms or receive educational outreach.
- The estimation assumes diverse life scenarios among Native American veterans, including those actively seeking homeownership and those content with their current situation.
Simulated Interviews
retired veteran (Arizona)
Age: 42 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 6/20
Statement of Opinion:
- This policy could really help me refinance my mortgage and lower my monthly payments.
- I appreciate the outreach and education services, as they could help me understand better investment options in my area.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
community planner (New Mexico)
Age: 60 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- The grants and pilot program could really bolster our community's resources.
- Even though I'm not directly benefiting as a non-veteran, this will aid my work.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
active duty service (North Dakota)
Age: 28 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- Right now, I'm not really looking at buying a house, but it's good to know this option exists for the future.
- The education and outreach would be useful when I'm ready.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
teacher (South Dakota)
Age: 34 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- This policy is just what we needed to secure a better home for our family.
- The refinancing and assistance can make a huge difference in our quality of life.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
construction worker (Utah)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- I’m content with my current mortgage, so this policy won’t affect me much.
- It’s still good to see resources made available for others who might need them.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
retired (California)
Age: 63 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- The pilot program is intriguing and could lead to more sustainable community development.
- I want to see how effective the outreach efforts are going to be.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
healthcare worker (Montana)
Age: 39 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 20.0 years
Commonness: 5/20
Statement of Opinion:
- I need help with managing my debts, and this could be a step towards understanding my risks better.
- Grants for counseling are particularly appealing to me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 8 | 4 |
| Year 10 | 9 | 4 |
| Year 20 | 9 | 4 |
business owner (Texas)
Age: 45 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 7.0 years
Commonness: 4/20
Statement of Opinion:
- This policy could improve my business dealings if more veterans are financially literate and capable of buying homes.
- I might also consider refinancing my commercial properties.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 8 | 8 |
unemployed (Oklahoma)
Age: 52 | Gender: male
Wellbeing Before Policy: 3
Duration of Impact: 20.0 years
Commonness: 8/20
Statement of Opinion:
- I'm at a low point, and these services sound promising.
- If it works, it could be a chance to get back on my feet.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 3 |
| Year 2 | 5 | 3 |
| Year 3 | 6 | 3 |
| Year 5 | 7 | 3 |
| Year 10 | 8 | 3 |
| Year 20 | 8 | 3 |
advocate for veteran affairs (Colorado)
Age: 55 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- These funds and the pilot programs could potentially aid a wide array of veteran communities.
- Success depends on how well this policy is implemented.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 7 |
Cost Estimates
Year 1: $80000000 (Low: $70000000, High: $90000000)
Year 2: $85000000 (Low: $75000000, High: $95000000)
Year 3: $88000000 (Low: $78000000, High: $98000000)
Year 5: $90000000 (Low: $80000000, High: $100000000)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The success of the refinancing and outreach efforts depends on effective implementation and management by the Department of Veterans Affairs.
- The willingness and ability of Native community development financial institutions to participate in the pilot program will influence the outcomes.