RHS implemented the Tribal Property Valuation and Tribal Rehabilitation Pilot Programs. The Tribal Property Valuation Pilot Program provides an alternative approach to obtain values when providing financing in remote rural areas on tribal lands. Under the Tribal Property Valuation Pilot Program, lenders may obtain desktop appraisals for mortgage transactions on tribal land. The Tribal Rehabilitation Pilot Program provides a rehabilitation loan program for homes free of encumbrances on tribal lands. Under the Tribal Rehabilitation Pilot Program, lenders may finance renovations of an existing home without being part of an acquisition, provided the property is on tribal land. The effective date of the two pilot programs is July 26, 2023. Both pilot programs are anticipated to continue until July 28, 2025.
Click to view the RHS Federal Register Announcement: https://www.tenaco.com/wp-content/uploads/2023/07/RHS-Federal-Register-Announcement-07-26-23.pdf
