2007 Issue No. 4
Table of Contents

News and Notes

U.S. Census Bureau releases Native population figures

Recently released figures from the U.S. Census Bureau provide a snapshot of the country's American Indian and Alaska Native (AIAN) population. According to data from the bureau's 2004 American Community Survey, about 2.2 million people, or 0.8 percent of the overall U.S. population, report their race as AIAN alone, while an additional 1.9 million report their race as AIAN plus one or more other race.

On average, the AIAN population appears younger and less affluent than the white, non-Hispanic population. The median age of people who report their race as AIAN alone is 31.9 years, about 8 years younger than the median age of non-Hispanic whites. The AIAN-alone population has a median income of $31,605 and a poverty rate of 24.6 percent. In contrast, the non-Hispanic white population has a median income of $48,784 and a poverty rate of 8.8 percent.

AIAN individuals are most likely to live in Arizona, California or Oklahoma. Alaska has the highest proportion of AIAN residents, at 12.9 percent. In several states in the Ninth Federal Reserve District, the proportion of AIAN residents exceeds the national average. For example, 7.8 percent of Montana residents report their race as AIAN alone or AIAN plus one or more races, compared to only 1.4 percent of the overall U.S. population. The proportions for North Dakota, South Dakota and Minnesota are 6.2 percent, 3.2 percent and 1.5 percent, respectively.

Fed brochure offers credit-boosting tips

The Board of Governors of the Federal Reserve System has released a new brochure titled 5 Tips for Improving Your Credit Score. The brochure offers straightforward guidance to help consumers achieve and maintain good credit scores. It also includes links to related publications and resources. To access the brochure, visit www.federalreserve.gov/pubs/creditscore/default.htm.

HP announces microenterprise development grants

Three nonprofit organizations in the Ninth District received grants in the 2007 round of the Hewlett-Packard (HP) Microenterprise Development Program. Launched in 2002, the program provides technology access and training to nonprofit microenterprise development agencies that serve clients in low-income communities. For 2007, HP distributed grants of approximately $57,000 to 40 agencies, for a total award of nearly $2.3 million. Each grant includes a collection of HP computer hardware and office equipment, plus $20,000 cash to cover software purchases, technology installation and technical support. In addition, each awardee will receive a separate grant to attend the annual conference of Association for Enterprise Opportunity, a national association of microenterprise development organizations.

Native CDFI awards announced

The Community Development Financial Institutions (CDFI) Fund has awarded a total of $3,632,292 to 19 organizations serving Native communities. The awards were made through the CDFI Fund’s Native American CDFI Assistance (NACA) Program, which encourages the creation and strengthening of CDFIs that primarily serve Native American, Alaska Native and Native Hawaiian communities. CDFIs are specialized entities that provide lending, investments and other financial services in underserved or economically distressed areas. The CDFI Fund, a program of the U.S. Department of the Treasury, certifies and provides support for CDFIs.

Ten of the NACA Program awards went to organizations located in the Ninth Federal Reserve District. Ninth District recipients and award amounts are: First Nations Oweesta Corporation, Rapid City, S.D., $149,912; The Lakota Fund, Kyle, S.D., $135,256; Mazaska Owecaso Otipi Financial, Inc., Pine Ridge, S.D., $129,150; NiiJii Small Business Loan Fund, Inc., Lac Du Flambeau, Wis., $99,768; Sovereign Leasing & Financing, Inc., Ronan, Mont., $149,760; St. Paul American Indians in Unity, St. Paul, Minn., $83,150; Teton Coalition, Inc., Rapid City, S.D., $148,500; Turtle Mountain Housing Authority, Belcourt, N.D., $117,987; White Earth Investment Initiative, Ogema, Minn., $269,500; and Wigamig Owners Loan Fund, Lac Du Flambeau, Wis., $138,970.

North Dakota increases home repair grants

The State of North Dakota has increased funding for the repair and weatherization of rural homes. As reported in a recent issue of the North Dakota Housing Finance Agency (NDHFA) Thresholds newsletter, the state allocated up to $450,000 for the Helping Housing Across North Dakota (Helping HAND) program, up from a previous allocation of $250,000. Helping HAND, which is administered by NDHFA, provides grants to tribal organizations and community action agencies for use in repairing and weatherizing homes on rural and tribal lands. NDHFA distributed the 2007 allocation among 17 grants, in amounts ranging from $2,500 to $66,200.

FFIEC releases 2006 HMDA data

The Federal Financial Institutions Examination Council (FFIEC) has released 2006 mortgage loan data collected under the Home Mortgage Disclosure Act (HMDA). Enacted in 1975, HMDA requires mortgage lenders located in metropolitan statistical areas to collect and disclose information about their lending patterns. Researchers, financial regulators, policymakers and community groups use HMDA data to examine a variety of mortgage lending issues.

The 2006 data were gathered from mortgage loan transactions at 8,886 financial institutions, including banks, savings associations, credit unions and independent mortgage companies. Data records include the location of the mortgaged property; the nature and disposition of the loan (e.g., purchase vs. refinance, originated vs. denied); and demographic characteristics of borrowers, such as race, ethnicity, sex and income. In addition, the records include pricing information for loans on the high-priced end of the mortgage market.

A summary analysis of the 2006 data is available at www.federalreserve.gov/pubs/bulletin/default.htm. Several 2006 HMDA data reports are available free of charge at www.ffiec.gov/hmda. Additional reports can be ordered for a fee at www.ffiec.gov/hmda/orderform.htm.