Cherokee Nation gets $50-million HUD loan

Monday, August 5th 2002, 12:00 am
By: News On 6

The largest loan in US History will provide new homes to hundreds of working families in Oklahoma.

The Cherokee Nation announced a new $50-million Title VI loan sponsored by HUD to provide affordable housing to Native American families. News on Six reporter Patrina Adger has the story. "Just waking up every morning, it's unbelievable."

Terry and Vernell Wadlow say they finally know what it's like to own their own home. Vernell Wadlow: "To raise my kids, to know we'd never have to move again." Terry Wadlow: "We were always moving from place to place in rentals." Five months ago, the Wadlows moved from a trailer paying $230 a month to a brand new house paying only a $130 a month.

The Cherokee Nation, the Housing Authority, Bank One and Fannie Mae were on hand to break ground on the new South Lincoln Subdivision in Jay, Oklahoma... one of several communities benefiting from a multi-million dollar housing loan. "There will be 11 homes in this addition." The $50-million housing loan is the largest Title VI loan in history. The money will help build new and affordable homes in these fourteen counties for working families who otherwise can't afford it. "30 year mortgage, 4% interest rate, no closing cost no money down. Helps them get in and contribute back thru mortgage payments.”

The $50-million on top of another $30-million the Cherokee Nation already gets annually will provide more families with the opportunity to achieve the American dream. "The new loan will provide homes to more than 600 families in various counties in the Cherokee Nation Community.

The Wadlow's say they would have never have been able to afford a home if it weren't for the housing loan and are glad they can live in this community for many years to come. "My daughter says it feels like we're rich."

For more information about the Cherokee Nation Title VI loan program, you can contact the housing authority of the Cherokee Nation office where you live.