I
110th CONGRESS
1st Session
H. R. 2541
IN THE HOUSE OF REPRESENTATIVES
May 24, 2007
Mr. Renzi introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend title VI of the Native American Housing and Self-Determination Act of 1996 to authorize Indian tribes to issue notes and other obligations to finance community and economic development activities, and for other purposes.
Short title
This Act may be cited as the
Tribal Economic Development and
Infrastructure Support Act of 2007
.
Authority to use guarantee loans to finance community and economic development activities
Authority
Title VI of the Native American Housing and Self-Determination Act of 1996 (25 U.S.C. 4191 et seq.) is amended—
in
the title heading, by inserting and community development
after
tribal
housing
; and
in section 601(a)—
by striking
and
after section 202
and inserting a comma;
and
by inserting
before the period at the end the following: , and activities that under
the first sentence of section 108(a) of the Housing and Community Development
Act of 1974 are eligible for financing with notes and other obligations
guaranteed pursuant to such section 108
.
Low-income requirement
The Native American Housing and Self-Determination Act of 1996 is amended—
in section 201(b) (25 U.S.C. 4131(b))—
in paragraph (1),
by inserting , other than under loan guarantee activities under title
VI,
after under this Act
;
in paragraph (2)—
by
striking the first comma and inserting or
;
by
striking , or loan guarantee activities under title VI
;
by
striking or title
; and
in
the last sentence, by inserting after Act
the following:
(but not including amounts received as a result of a guarantee under
title VI)
;
in paragraph (3),
by inserting after Act
the following: (but not including
amounts received as a result of a guarantee under title VI)
;
by striking paragraph (5); and
by redesignating the first paragraph designated as paragraph (6) (relating to preference for tribal members and other Indian families) as paragraph (5); and
in section 601 (25 U.S.C. 4191), by adding at the end the following new subsection:
Low-income requirement
Not less than 70 percent of the aggregate funds received by an Indian tribe or tribally designated housing entity as a result of a guarantee under this title shall be used for the support of activities that benefit low-income Indian families on Indian reservations and other Indian areas.
.