S.Amdt. 2441

1. Rewrites section 3915 through section 6002(c)

   ReplacesSection 3915 of the Consolidated Farm and Rural Development Act (as added by section 6001)

   Removes section 3915 through section 6002(c).

   Inserted: SEC. 3915. SUBSTANTIALLY UNDERSERVED TRUST AREAS.

   Inserted: (a) Definitions.--In this section:

   Inserted: (1) Eligible program.--The term 'eligible program' means a program administered by the Secretary and authorized in--

   Inserted: (A) this Act;

   Inserted: (B) the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.); or

   Inserted: (C) title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.).

   Inserted: (2) Substantially underserved trust area.--The term 'substantially underserved trust area' means a community in 'trust land' (as defined in section 3765 of title 38, United States Code).

   Inserted: (b) Initiative.--The Secretary, in consultation with local governments and Federal agencies, may implement an initiative to identify and improve the availability of eligible programs in communities in substantially underserved trust areas.

   Inserted: (c) Authority of Secretary.--In carrying out subsection (b), the Secretary--

   Inserted: (1) may make available from loan or loan guarantee programs administered by the Secretary to qualified entities or applicants financing with an interest rate as low as 2 percent and with extended repayment terms;

   Inserted: (2) may waive nonduplication restrictions, matching fund requirements, or credit support requirements from any loan or grant program administered by the Secretary to facilitate the construction, acquisition, or improvement of infrastructure, or for other purposes;

   Inserted: (3) may give the highest funding priority to designated projects in substantially underserved trust areas; and

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   Inserted: (4) shall only make loans or loan guarantees that are found to be financially feasible and that provide eligible program benefits to substantially underserved trust areas.

   Inserted: (d) Eligibility of Trust Land for Eligible Programs.--For purposes of eligibility for eligible programs, trust land (as defined in section 3765 of title 38, United States Code) shall be considered by the Secretary to be a rural area.

   Inserted: (e) Report.--Each year, the Secretary shall submit to Congress a report that describes--

   Inserted: (1) the progress of the initiative implemented under subsection (b); and

   Inserted: (2) recommendations for any regulatory or legislative changes that would be appropriate to improve services to substantially underserved trust areas.

   Inserted: SEC. 3916. REGULATIONS.

   Inserted: The Secretary may issue such regulations, prescribe such terms and conditions for making or guaranteeing loans, security instruments, and agreements, except as otherwise specified in this title, and make such delegations of authority as the Secretary considers necessary to carry out this title.

   Inserted: SEC. 6002. CONFORMING AMENDMENTS.

   Inserted: (a) Section 17(c) of the Rural Electrification Act of 1936 (7 U.S.C. 917(c)) is amended by striking paragraph (1) and inserting the following:

   Inserted: "(1) Subtitle B of the Consolidated Farm and Rural Development Act.".

   Inserted: (b) Section 305(c)(2)(B)(i)(I) of the Rural Electrification Act of 1936 (7 U.S.C. 935(c)(2)(B)(i)(I)) is amended by striking "section 307(a)(3)(A) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1927(a)(3)(A))" and inserting "section 3701(b)(2) of the Consolidated Farm and Rural Development Act".

   Inserted: (c) Section 306F of the Rural Electrification Act of 1936 (7 U.S.C. 936f) is repealed.

   Original wording

   Strike section 3915 of the Consolidated Farm and Rural Development Act (as added by section 6001) and all that follows through section 6002(c), and insert the following:

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As printed