25 U.S.C. § 4193 — Payment of interest

Page 662 TITLE 25—INDIANS § 4193 Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (a) and (b), was in the original ‘‘this Act’’, meaning Pub. L. 104–330, Oct. 26, 1996, 110 Stat. 4016, known as the Native Amer- ican Housing Assistance and Self-Determination Act of 1996. For complete classification of this Act to the Code, see Short Title note set out under section 4101 of this title and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 26, 1996, see section 606 of Pub. L. 104–330, set out as a note under section 4191 of this title. § 4193. Payment of interest The Secretary may make, and contract to make, grants, in such amounts as may be ap- proved in appropriations Acts, to or on behalf of an Indian tribe or housing entity issuing notes or other obligations guaranteed under this sub- chapter, to cover not to exceed 30 percent of the net interest cost (including such servicing, un- derwriting, or other costs as may be specified in regulations of the Secretary) to the borrowing entity or agency of such obligations. The Sec- retary may also, to the extent approved in ap- propriations Acts, assist the issuer of a note or other obligation guaranteed under this sub- chapter in the payment of all or a portion of the principal and interest amount due under the note or other obligation, if the Secretary deter- mines that the issuer is unable to pay the amount because of circumstances of extreme hardship beyond the control of the issuer. (Pub. L. 104–330, title VI, § 603, Oct. 26, 1996, 110 Stat. 4047.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 26, 1996, see section 606 of Pub. L. 104–330, set out as a note under section 4191 of this title. § 4194. Training and information The Secretary, in cooperation with eligible public entities, shall carry out training and in- formation activities with respect to the guar- antee program under this subchapter. (Pub. L. 104–330, title VI, § 604, Oct. 26, 1996, 110 Stat. 4047.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 26, 1996, see section 606 of Pub. L. 104–330, set out as a note under section 4191 of this title. § 4195. Limitations on amount of guarantees (a) Aggregate fiscal year limitation Notwithstanding any other provision of law and subject only to the absence of qualified ap- plicants or proposed activities and to the au- thority provided in this subchapter, to the ex- tent approved or provided in appropriations Acts, the Secretary may enter into commit- ments to guarantee notes and obligations under this subchapter with an aggregate principal amount not to exceed $400,000,000 for each of fis- cal years 2009 through 2013. (b) Authorization of appropriations for credit subsidy There are authorized to be appropriated to cover the costs (as such term is defined in sec- tion 661a of title 2) of guarantees under this sub- chapter such sums as may be necessary for each of fiscal years 2009 through 2013. (c) Aggregate outstanding limitation The total amount of outstanding obligations guaranteed on a cumulative basis by the Sec- retary pursuant to this subchapter shall not at any time exceed $2,000,000,000 or such higher amount as may be authorized to be appropriated for this subchapter for any fiscal year. (d) Fiscal year limitations on tribes The Secretary shall monitor the use of guar- antees under this subchapter by Indian tribes. If the Secretary finds that 50 percent of the aggre- gate guarantee authority under subsection (c) has been committed, the Secretary may— (1) impose limitations on the amount of guarantees any one Indian tribe may receive in any fiscal year of $50,000,000; or (2) request the enactment of legislation in- creasing the aggregate outstanding limitation on guarantees under this subchapter. (Pub. L. 104–330, title VI, § 605, Oct. 26, 1996, 110 Stat. 4047; Pub. L. 107–292, § 2(b), Nov. 13, 2002, 116 Stat. 2053; Pub. L. 110–411, title VII, § 701(b), Oct. 14, 2008, 122 Stat. 4334.) Editorial Notes AMENDMENTS 2008—Subsecs. (a), (b). Pub. L. 110–411 substituted ‘‘2009 through 2013’’ for ‘‘1997 through 2007’’. 2002—Subsecs. (a), (b). Pub. L. 107–292 substituted ‘‘1997 through 2007’’ for ‘‘1997, 1998, 1999, 2000, and 2001’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 26, 1996, see section 606 of Pub. L. 104–330, set out as a note under section 4191 of this title. § 4196. Demonstration program for guaranteed loans to finance tribal community and eco- nomic development activities (a) Authority (1) In general Subject to paragraph (2), to the extent and in such amounts as are provided in appropria- tion Acts, subject to the requirements of this section, and in accordance with such terms and conditions as the Secretary may pre- scribe, the Secretary may guarantee and make commitments to guarantee the notes and obli- gations issued by Indian tribes or tribally des- ignated housing entities with tribal approval, for the purposes of financing activities carried out on Indian reservations and in other Indian areas that, under the first sentence of section 5308(a) of title 42, are eligible for financing