Warning
  • JUser: :_load: Unable to load user with ID: 667

Tribes get a new lease

A new law signed by President Obama allows tribes to sign leases of up to 99 years on trust land, up from the previous cap of 25 years.

A new law signed by President Obama allows tribes to sign leases of up to 99 years on trust land, up from the previous cap of 25 years.

Senate Bill 1448 replaces the 1955 federal law that tribes say stifled their economic development.

“We did think it was pretty important,” said Bob Garcia, chairman of the Coos, Lower Umpqua and Siuslaw Indians, which owns and operates the Three Rivers Casino in Florence. “This is important for financial surety for potential investors.”

For tribal housing, there’s a federally guaranteed loan program that allows tribe members to get private loans for building a house, but the loan program requires a 50-year term for the lender. With the old law, tribe members had to sign one 25-year lease and then renew it, once the term was up. Having 99 years to work with will make it easier for tribe members to buy homes, [tribal attorney Brett] Kenney said.

Read more at The Register-Guard.

{biztweet}senate bill 1448{/biztweet}

Last modified onMonday, 19 October 2015 11:39

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.