H.R. 2422House108th Congress (2003-2005)In Committee

Insular Areas Community Development Act

Legislative Activity

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3 earlier actions

HouseCommittee Latest Action

Referred to the Subcommittee on Housing and Community Opportunity.

Housing and Insurance Subcommittee

June 23, 2003

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HouseIntro Referral

Introduced in House

June 11, 2003

HouseIntro Referral

Sponsor introductory remarks on measure. (CR E1211)

June 11, 2003

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

June 11, 2003

HouseCommittee

Referred to the Subcommittee on Housing and Community Opportunity.

Housing and Insurance Subcommittee

June 23, 2003

Floor Debate

1 member

What members said about H.R. 2422 on the floor

1 Democrat

Rep. Madeleine Z. BordalloD-GU · Dec 15, 2003

Mr. Speaker, I rise today in support of S. 811, which will authorize funding for grants to low-income first-time homebuyers and certain uniform servicemen and women in order that they may enjoy the…

I recall purchasing my first home and the tremendous satisfaction and pride that it afforded me. I believe that every American that works hard and saves for the purpose of raising his or her children in their own home deserves the opportunity to reap the fruits of their labor. I am proud that this Congress is prepared to encourage and support American homeownership.

I want to thank Financial Services Committee Chairman Michael Oxley and Ranking Democratic Member Barney Frank, as well as Housing and Community Opportunities Subcommittee Chairman Bob Ney and Ranking Democratic Member Maxine Waters for their leadership in including a proposal that is very important to Guam and the insular areas in S. 811. I would especially like to thank Congressman Frank and his staff for their guidance and leadership throughout this process. This provision would move the annual Community Development Block Grant funding provided to Guam and the insular areas from a strictly discretionary financing stream into the section 106 grant formula under which cities and communities in the States receive their

funding. This is where it belongs, as Guam and the insular areas should have parity with the States.

Passage of S. 811 will also eliminate a regulatory hurdle that prevents Guam, American Samoa, the Virgin Islands and the Commonwealth of the Northern Marianas from participating in the Section 108 Loan Guarantee Program. Inclusion in the Section 108 Loan Guarantee Program will allow the insular areas to apply for low-interest government- backed loans to build large projects such as bridges, schools and other projects designed to develop human, natural and capital resources to stimulate economic development.

Section 108 was a legislative priority of mine, prompting me to introduce H.R. 2422, the Insular Areas Community Development Act. Thanks to the kind support of Congresswoman Harris, as well as the helpful assistance of the Financial Services Committee leadership and staff, this longstanding issue for Guam and the insular areas will finally be resolved with the passage of S. 811.

I strongly urge my colleagues to vote in favor of S. 811.

Bill Text

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Introduced in HouseIssued June 11, 2003

        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2422 Introduced in House (IH)]

108th CONGRESS
1st Session
H. R. 2422

To authorize the Secretary of Housing and Urban Development to
guarantee community development loans to the insular areas.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

June 11, 2003

Ms. Bordallo (for herself, Mr. Faleomavaega, and Mrs. Christensen)
introduced the following bill; which was referred to the Committee on
Financial Services

_______________________________________________________________________

A BILL

To authorize the Secretary of Housing and Urban Development to
guarantee community development loans to the insular areas.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Insular Areas Community Development
Act''.

SEC. 2. AMENDMENTS TO HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974.

Section 108 of the Housing and Community Development Act of 1974
(42 U.S.C. 5308) is amended--
(1) in the fourth sentence of subsection (a), by inserting
``on the basis that the eligible public entity is eligible for
grants under this title only pursuant to section 107(b)(1) or''
after ``section'' ; and
(2) in subsection (o), by adding after the period at the
end the following new sentence: ``Such term includes Guam, the
Virgin Islands, American Samoa, and the Commonwealth of the
Northern Mariana Islands, and general purpose political
subdivisions thereof.''.

SEC. 3. REGULATIONS.

Not later than the expiration of the 120-day period beginning upon
the date of the enactment of this Act, the Secretary of Housing and
Urban Development shall issue and implement regulations to carry out
the amendments made by this Act and to provide for the guarantee, under
section 108 of the Housing and Community Development Act of 1974 (42
U.S.C. 5308), of notes or other obligations issued by eligible public
entities specified in the second sentence of subsection (o) of such
section 108 (as added by the amendment made by section 2(2) of this
Act).
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