Gwen Graham: “today I commend the Senate for addressing and correcting an unfortunate hardship placed on Native American veterans. For…”

“today I commend the Senate for addressing and correcting an unfortunate hardship placed on Native American veterans. For the past decade, VA's Native American Housing Loan Program has provided direct loans to eligible Native American veterans who wish to purchase, construct, or improve a home on trust lands--lands held by the federal government for the benefit of Native Americans. A problem arose this year due to a provision included in the fiscal year 2003 Omnibus Appropriations bill, which set a spending cap for the program at $5 million. That figure was deemed reasonable by the administration and appropriators because it was taken from previous years' spending amounts. However, due to historically low interest rates over the past year, VA and borrowers have worked together to refinance many loans, loans that were counted toward the $5 million cap. The combined costs of refinanced loans and new loans led VA to exceed the newly-implemented cap. Consequently, last June, VA was forced to cease providing further funds for the year. This left many Native American veterans in despair as their housing projects sat awaiting completion.”