MULTIFAMILY RENTAL HOUSING LOAN GUARANTEE PROGRAM.

SEC. 707. MULTIFAMILY RENTAL HOUSING LOAN GUARANTEE PROGRAM. Section 538 of the Housing Act of 1949 (42 U.S.C. 1490p-2) is amended— (1) in subsection (c), by inserting “an Indian tribe,” after “thereof”; (2) in subsection (f), by striking paragraph (1) and inserting the following new paragraph: “(1) be made for a period of not less than 25 nor greater than 40 years from the date the loan was made and may provide for amortization of the loan over a period of not to exceed 40 years with a final payment of the balance due at the end of the loan term;”; (3) in subsection (i)(2), by striking “(A) conveyance to the Secretary” and all that follows through “(C) assignment” and inserting “(A) submission to the Secretary of a claim for payment under the guarantee, and (B) assignment”; (4) in subsection (s), by adding at the end the following new subsection: “(4) Indian tribe.—The term Indian tribe’ means— “(A) 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 by or established pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.), 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 (25 U.S.C. 450 et seq.); or 114 STAT. 3016 “(B) any entity established by the governing body of an Indian tribe described in subparagraph (A) for the purpose of financing economic development.”; (5) in subsection (t), by inserting before the period at the end the following: “to provide guarantees under this section for eligible loans having an aggregate principal amount of $500,000,000”; (6) by striking subsection (I); (7) by redesignating subsections (m) through (u) as subsections (1) through (t), respectively; and (8) by adding at the end the following new subsections: “(u) Fee authority.—Any amounts collected by the Secretary pursuant to the fees charged to lenders for loan guarantees issued under this section shall be used to offset costs (as defined by section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a)) of loan guarantees made under this section. “(v) Defaults of Loans Secured by Reservation Lands.—In the event of a default involving a loan to an Indian tribe or tribal corporation made under this section which is secured by an interest in land within such tribe’s reservation (as determined by the Secretary of the Interior), including a community in Alaska incorporated by the Secretary of the Interior pursuant to the Indian Reorganization Act (25 U.S.C. 461 et seq.), the lender shall only pursue liquidation after offering to transfer the account to an eligible tribal member, the tribe, or the Indian housing authority serving the tribe. If the lender subsequently proceeds to liquidate the account, the lender shall not sell, transfer, or otherwise dispose of or alienate the property except to one of the entities described in the preceding sentence.”.