§ 4191. — Authority and requirements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC4191]
TITLE 25--INDIANS
CHAPTER 43--NATIVE AMERICAN HOUSING ASSISTANCE AND SELF-DETERMINATION
SUBCHAPTER VI--FEDERAL GUARANTEES FOR FINANCING FOR TRIBAL HOUSING
ACTIVITIES
Sec. 4191. Authority and requirements
(a) Authority
To such extent or in such amounts as provided in appropriations
Acts, the Secretary may, subject to the limitations of this subchapter
(including limitations designed to protect and maintain the viability of
rental housing units owned or operated by the recipient that were
developed under a contract between the Secretary and an Indian housing
authority pursuant to the United States Housing Act of 1937 [42 U.S.C.
1437 et seq.]), and upon such terms and conditions as the Secretary may
prescribe, guarantee and make commitments to guarantee, the notes or
other obligations issued by Indian tribes or tribally designated housing
entities with tribal approval, for the purposes of financing affordable
housing activities described in section 4132 of this title and housing
related community development activity as consistent with the purposes
of this chapter.
(b) Terms of loans
Notes or other obligations guaranteed pursuant to this subchapter
shall be in such form and denominations, have such maturities, and be
subject to such conditions as may be prescribed by regulations issued by
the Secretary. The Secretary may not deny a guarantee under this
subchapter on the basis of the proposed repayment period for the note or
other obligation, unless the period is more than 20 years or the
Secretary determines that the period causes the guarantee to constitute
an unacceptable financial risk.
(c) Limitation on outstanding guarantees
No guarantee or commitment to guarantee shall be made with respect
to any note or other obligation if the total outstanding notes or
obligations of the issuer guaranteed under this subchapter (excluding
any amount defeased under the contract entered into under section
4192(a)(1) of this title) would thereby exceed an amount equal to 5
times the amount of the grant approval for the issuer pursuant to
subchapter III of this chapter.
(Pub. L. 104-330, title VI, Sec. 601, Oct. 26, 1996, 110 Stat. 4046;
Pub. L. 107-292, Sec. 7, Nov. 13, 2002, 116 Stat. 2054.)
References in Text
The United States Housing Act of 1937, referred to in subsec. (a),
is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L. 93-383,
title II, Aug. 22, 1974, 88 Stat. 653, which is classified generally to
chapter 8 (Sec. 1437 et seq.) of Title 42, The Public Health and
Welfare. For complete classification of this Act to the Code, see Short
Title note set out under section 1437 of Title 42 and Tables.
Amendments
2002--Subsec. (a). Pub. L. 107-292, Sec. 7(1), inserted ``and
housing related community development activity as consistent with the
purposes of this chapter'' after ``section 4132 of this title''.
Subsecs. (b) to (d). Pub. L. 107-292, Sec. 7(2), (3), redesignated
subsecs. (c) and (d) as (b) and (c), respectively, and struck out
heading and text of former subsec. (b). Text read as follows: ``A
guarantee under this subchapter may be used to assist an Indian tribe or
housing entity in obtaining financing only if the Indian tribe or
housing entity has made efforts to obtain such financing without the use
of such guarantee and cannot complete such financing consistent with the
timely execution of the program plans without such guarantee.''
Effective Date
Section 606 of Pub. L. 104-330 provided that: ``This title [enacting
this subchapter] shall take effect on the date of the enactment of this
Act [Oct. 26, 1996].''
