LOAN GUARANTEES FOR INDIAN HOUSING.

SEC. 701. LOAN GUARANTEES FOR INDIAN HOUSING. (a) Definition of Eligible Borrowers To Include Indian Tribes.—Section 184 of the Housing and Community Development Act of 1992 (12 U.S.C. 1515z–13a) is amended— (1) in subsection (a)— (A) by striking “and Indian housing authorities” and inserting “, Indian housing authorities, and Indian tribes,”; and (B) by striking “or Indian housing authority” and inserting “, Indian housing authority, or Indian tribe”; and (2) in subsection (b)(1), by striking “or Indian housing authorities” and inserting “, Indian housing authorities, or Indian tribes”. (b) Need for Loan Guarantee.—Section 184(a) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(a)) is amended by striking “trust land” and inserting “lands or as a result of a lack of access to private financial markets”. (c) IHP Requirement.—Section 184(b)(2) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(b)(2)) is amended by inserting before the period at the end the following: “that is under the jurisdiction of an Indian tribe for which an Indian housing plan has been submitted and approved pursuant to sections 102 and 103 of the Native American Housing Assistance and Self-Determination Act of 1996 that provides for the use of loan guarantees under this section to provide affordable homeownership housing in such areas”. 110 STAT. 4049 (d) Lender Option To Obtain Payment Upon Default Without Foreclosure.—Section 184(h) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(h)) is amended— (1) in paragraph (1)(A)— (A) in the first sentence of clause (i), by striking “in a court of competent jurisdiction”; and (B) by striking clause (ii) and inserting the following: “(ii) No foreclosure.—Without seeking foreclosure (or in any case in which a foreclosure proceeding initiated under clause (i) continues for a period in excess of 1 year), the holder of the guarantee may submit to the Secretary a request to assign the obligation and security interest to the Secretary in return for payment of the claim under the guarantee. The Secretary may accept assignment of the loan if the Secretary determines that the assignment is in the best interests of the United States. Upon assignment, the Secretary shall pay to the holder of the guarantee the pro rata portion of the amount guaranteed (as determined under subsection (e)). The Secretary shall be subrogated to the rights of the holder of the guarantee and the holder shall assign the obligation and security to the Secretary.”; (2) by striking paragraph (2); and (3) by redesignating paragraph (3) as paragraph (2). (e) Limitation of Mortgagee Authority.—Section 184(h)(2) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(h)(2)), as so redesignated by subsection (e)(3) of this section, is amended— (1) in the first sentence, by striking “tribal allotted or trust land,” and inserting “restricted Indian land, the mortgagee or”; and (2) in the second sentence, by striking “Secretary” each place it appears, and inserting “mortgagee or the Secretary”. (f) Limitation on Outstanding Aggregate Principal Amount.—Section 184(i)(5)(C) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(i)(5)(C)) is amended by striking “1993” and all that follows through “such year” and inserting “1997, 1998, 1999, 2000, and 2001 with an aggregate outstanding principal amount note exceeding $400, 000, 000 for each such fiscal year”. (g) Authorization of Appropriations for Guarantee Fund.—Section 184(i)(7) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(i)(7)) is amended by striking “such sums” and all that follows through “1994” and inserting “such sums as may be necessary for each of fiscal years 1997, 1998, 1999, 2000, and 2001”. (h) Definitions.—Section 184(k) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(k)) is amended— (1) in paragraph (4), by inserting after “authority” the following: “or Indian tribe”; (2) in paragraph (5)— (A) by striking subparagraph (A) and inserting the following new subparagraph: 110 STAT. 4050 “(A) is authorized to engage in or assist in the development or operation of— “(i) low-income housing for Indians; or “(ii) housing subject to the provisions of this section; and”; and (B) by adding at the end the following: “The term includes tribally designated housing entities under the Native American Housing Assistance and Self-Determination Act of 1996.”; and (3) by striking paragraph (8) and inserting the following new paragraph: “(8) Tribe; indian tribe.—The term ‘tribe’ or ‘Indian tribe’ means any Indian tribe, band, nation, or other organized group or community of Indians, including any Alaska Native village or regional or village corporation as defined in or established pursuant to the Alaska Native Claims Settlement Act, that is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians pursuant to the Indian Self-Determination and Education Assistance Act of 1975. ”. (i) Principal Obligation Amounts.—Section 184(b)(5)(C) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(b)(5)(C)) is amended by striking clause (i) and inserting the following new clause: “(i) 97.75 percent of the appraised value of the property as of the date the loan is accepted for guarantee (or 98.75 percent if the value of the property is $50, 000 or less); and”. (j) Availability of Amounts.— (1) Requirement of appropriations.—Section 184(i)(5) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(i)(5)) is amended by striking subparagraph (A) and inserting the following: “(A) Requirement of appropriations.—The authority of the Secretary to enter into commitments to guarantee loans under this section shall be effective for any fiscal year to the extent or in such amounts as are or have been provided in appropriations Acts, without regard to the fiscal year for which such amounts were appropriated. ”. (2) Costs.—Section 184(i)(5)(B) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(i)(5)(B)) is amended by adding at the end the following new sentence: “Any amounts appropriated pursuant to this subparagraph shall remain available until expended.”. (k) GNMA Authority.—The first sentence of section 306(g)(1) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1721(g)(1)) is amended by inserting before the period at the end the following: “; or guaranteed under section 184 of the Housing and Community Development Act of 1992”.