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Residential Leasing and Mortgaging on Indian Lands. New Mexico Housing Summit August 21, 2014. Regulations. 25 CFR § 162 Updated December 5, 2012. Subpart C – Residential Leasing. General Provisions §§162.301 – 162.303 Lease Requirements §§162.311 – 162.317 Rental Requirements - PowerPoint PPT Presentation
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Residential Leasing and Mortgaging on Indian Lands
New Mexico Housing SummitAugust 21, 2014
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Regulations
25 CFR § 162Updated December 5, 2012
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Subpart C – Residential Leasing
General Provisions • §§162.301 – 162.303
Lease Requirements • §§162.311 – 162.317
Rental Requirements • §§162.320 – 162.329
Bonding and Insurance• §§162.334 – 162.337
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Approval• §§162.338 – 162.344
Amendments • §§162.345 – 162.348
Assignments • §§162.349 – 162.352
Subleases• §§162.353 – 162.356
Subpart C – Residential Leasing
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Leasehold Mortgages• §§162.357 – 162.360
Effectiveness, Compliance, and Enforcement • §§162.361 – 162.374
Subpart C – Residential Leasing
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Requirements
Legal Description – §162.317 • Reference public or private survey, or• Legal description• Survey-grade GPS• Registered land surveyor
Rent – §162.320 • Amount determined by the tribe to be in its
best interest• Appraisal at the request of the tribe• Tribe not bound by the appraised FMV
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Approval
Required documents – §162.338 • Lease• Tribal authorization• Valuation (if required)• Environmental clearance• Legal description
Lease Review – §162.339• May be requested prior to submittal for
approval• 10 days to review
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Approval
Approval Process – §162.340 • Best interest of the Indian landowners• Review lease & supporting documents• Ensure compliance with applicable laws
• “Promptly” notify if package is complete• If incomplete, letter to tribe identifying
missing documents• If complete, BIA notifies tribe of date of
receipt• 30 days to approve or disapprove
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Approval
BIA Decision-making Process – §162.341 • Approval unless:• Required consents not obtained• Subpart requirements not met• Protect best interest of landowner
Recording of Lease – §162.343 • Any residential lease, amendment,
assignment, or leasehold mortgage must be recorded in the DLTR
• Residential subleases need not be recorded
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Leasehold Mortgage
Consent Requirement – §162.358 • Unless stated in lease, consent is required
Approval Process – §162.359 • BIA notifies tribe when package received• 20 days to approve or disapprove
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Leasehold Mortgage
BIA Decision-making Process – §162.360 • Approval unless:• Required consents not obtained• Subpart requirements not met• Protect best interest of landowner
NOTE: Contact your local BIA agency early in the process because Environmental review, Section 106 concurrence, and TSR all take time.
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Realty’s Steps
What happens when BIA receives a lease?• Review per 25 CFR 162• Request approval from Regional Director• Encode into electronic system of record• Image into electronic system of record• TIR log updated• DLTR takes over
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Contacts
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The End