7.06.020 Findings

The St. Regis Mohawk Tribal Council (the "Council") hereby finds that:

(a) Due to the unique legal status of lands on the St. Regis Mohawk Indian Reservation ("Reservation") it is difficult for members of the St. Regis Mohawk Tribe ("Tribe") to purchase homes utilizing traditional financing methods.

(b) In order to alleviate this situation, which exists on all Indian reservations and lands, Federal Agencies such as the U.S. Department of Housing and Urban Development ("HUD") and the U.S. Department of Agriculture ("USDA") have established Indian housing loan guarantee programs.

(c) In order for the St. Regis Mohawk Tribe and its members to participate in any mortgage loan programs, whether guaranteed or conventional, for either residential or commercial purposes it must first establish the required legal and administrative framework to protect the interests of borrowers, lenders, and federal agencies which guarantee or mortgage loans.

(d) One of the requirements for any mortgage loan program is to adopt adequate and clear foreclosure and eviction procedures to ensure a remedy for lenders in the event of a default.