H.R. 3002 · 110th Congress
Native American Economic Development and Infrastructure for Housing Act of 2007
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R
PearceSponsor4 cosponsors · 3 D, 1 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Native American Economic Development and Infrastructure for Housing Act of 2007 - (Sec.
What it does: CRS summary · Reported to House with amendment(s) · Oct 2, 2007
Native American Economic Development and Infrastructure for Housing Act of 2007 - (Sec. 2) Authorizes the Secretary of Housing and Urban Development to guarantee notes and obligations issued by Indian tribes or tribally designated housing entities, with tribal approval, to finance community and economic development activities on Indian reservations and in other Indian areas.
Requires the use of at least 70% of the aggregate funds received as a result of such guarantee to support activities that benefit low-income Indian families.
Directs the Secretary to establish underwriting criteria for such guarantees, including necessary fees, to ensure that the guarantee program is financially sound.
Prohibits the Secretary from denying a guarantee on the basis of the proposed repayment period for the note or other obligation, unless the period is more than 20 years or he determines that the period causes the guarantee to constitute an unacceptable financial risk.
Limits a guarantee to repayment of 95% of the unpaid principal and interest due.
Requires the Secretary, in cooperation with Indian tribes and tribally designated housing entities, to carry out training and information activities with respect to the guarantee program.
Authorizes the Secretary to enter into guarantee commitments with an aggregate principal amount of up to $200 million for each of FY2008-FY2012.
Authorizes appropriations for such fiscal years. Prohibits the expenditure of funds appropriated under this Act for the benefit of the Cherokee Nation of Oklahoma until the Secretary certifies to Congress that it is in compliance with the Treaty of 1866 and fully recognizes all Cherokee Freedmen and their descendants as citizens of the Cherokee Nation.
Limits to $1 billion, or any authorized higher amount, the total aggregate outstanding obligations guaranteed on a cumulative basis by the Secretary for any fiscal year.
Requires the Secretary to monitor the use of such guarantees by Indian tribes. Authorizes the Secretary, upon finding that 50% of such aggregate guarantee authority has been committed, to: (1) limit to $25 million the amount of guarantees that any one Indian tribe may receive in any fiscal year; or (2) request the enactment of legislation increasing the aggregate outstanding limitation.
Terminates on October 1, 2012, the Secretary's authority to make new guarantees for notes and obligations.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Native American Economic Development and Infrastructure for Housing Act of 2007
Latest action (Oct 2, 2007): Placed on the Union Calendar, Calendar No. 223.
Policy area: Native Americans · Origin: House · Introduced: Jul 11, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.