HURON, S.D. — The U.S. Department of Agriculture Rural Development has approved a $764,000 investment to help expand homeownership opportunities on the Pine Ridge Reservation through Lakota Funds, making the organization the third lender in South Dakota to participate in the agency’s Single Family Housing Direct Home Loans relending program.

USDA Rural Development South Dakota State Director Lorraine Polak announced June 3 that Lakota Funds had signed loan closing documents to receive the funding, which will provide working capital for home loans serving residents on the reservation.

“Affordable housing is so important on our Tribal lands,” Polak said, adding that Lakota Funds becoming the third Native Community Development Financial Institution in South Dakota to offer home loans to Native Americans directly supports Agriculture Secretary Brooke Rollins’ commitment to expanding access to capital and strengthening economic opportunities in Tribal communities.

The investment continues USDA Rural Development’s efforts to increase homeownership opportunities in underserved rural and Tribal areas. Since the relending program began, USDA Rural Development has invested more than $8.6 million in South Dakota.

Lakota Funds joins two other South Dakota institutions participating in the program. Since 2018, Mazaska Owecaso Otipi Financial, located on the Pine Ridge Reservation, has received nearly $3.1 million through the initiative. Four Bands Community Fund, based on the Cheyenne River Reservation, has received more than $4.8 million during the same period.

Nationwide, USDA Rural Development has invested more than $24.7 million since 2023 in 12 additional states through the home loan relending program.

USDA Rural Development provides loans, grants and technical assistance to support economic development and improve quality of life in rural communities. The agency’s investments help fund housing, infrastructure improvements, business development, schools, public safety facilities, health care services and broadband expansion in rural, Tribal and high poverty areas.

According to USDA officials, expanding access to affordable housing remains a key component of strengthening economic stability and creating opportunities for families living in rural America.

This article is based on information provided through a DVIDS news release from USDA Rural Development South Dakota.