SUBSTANTIALLY UNDERSERVED TRUST AREAS.

SEC. 306F. [7 U.S.C. 936f] SUBSTANTIALLY UNDERSERVED TRUST AREAS. (a) Definitions.—In this section: (1) Eligible program.—The term “eligible program” means a program administered by the Rural Utilities Service and authorized in— (A) this Act; or (B) paragraph (1), (2), (14), (22), or (24) of section 306(a) or section 306A, 306C, 306D, or 306E of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a), 1926a, 1926c, 1926d, 1926e). (2) Substantially underserved trust area.—The term “substantially underserved trust area” means a community in “trust land” (as defined in section 3765 of title 38, United States Code) with respect to which the Secretary determines has a high need for the benefits of an eligible program. (b) Initiative.—The Secretary, in consultation with local governments and Federal agencies, may implement an initiative to identify and improve the availability of eligible programs in communities in substantially underserved trust areas. (c) Authority of Secretary.—In carrying out subsection (b), the Secretary— (1) may make available from loan or loan guarantee programs administered by the Rural Utilities Service to qualified utilities or applicants financing with an interest rate as low as 2 percent, and with extended repayment terms; (2) may waive nonduplication restrictions, matching fund requirements, or credit support requirements from any loan or grant program administered by the Rural Utilities Service to facilitate the construction, acquisition, or improvement of infrastructure; (3) may give the highest funding priority to designated projects in substantially underserved trust areas; and (4) shall only make loans or loan guarantees that are found to be financially feasible and that provide eligible program benefits to substantially underserved trust areas. (d) Report.—Not later than 1 year after the date of enactment of this section and annually thereafter, the Secretary shall submit to Congress a report that describes— (1) the progress of the initiative implemented under subsection (b); and (2) recommendations for any regulatory or legislative changes that would be appropriate to improve services to substantially underserved trust areas.