[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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