[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2422 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 2422

    To authorize the Secretary of Housing and Urban Development to 
      guarantee community development loans to the insular areas.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 11, 2003

  Ms. Bordallo (for herself, Mr. Faleomavaega, and Mrs. Christensen) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
    To authorize the Secretary of Housing and Urban Development to 
      guarantee community development loans to the insular areas.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Insular Areas Community Development 
Act''.

SEC. 2. AMENDMENTS TO HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974.

    Section 108 of the Housing and Community Development Act of 1974 
(42 U.S.C. 5308) is amended--
            (1) in the fourth sentence of subsection (a), by inserting 
        ``on the basis that the eligible public entity is eligible for 
        grants under this title only pursuant to section 107(b)(1) or'' 
        after ``section'' ; and
            (2) in subsection (o), by adding after the period at the 
        end the following new sentence: ``Such term includes Guam, the 
        Virgin Islands, American Samoa, and the Commonwealth of the 
        Northern Mariana Islands, and general purpose political 
        subdivisions thereof.''.

SEC. 3. REGULATIONS.

    Not later than the expiration of the 120-day period beginning upon 
the date of the enactment of this Act, the Secretary of Housing and 
Urban Development shall issue and implement regulations to carry out 
the amendments made by this Act and to provide for the guarantee, under 
section 108 of the Housing and Community Development Act of 1974 (42 
U.S.C. 5308), of notes or other obligations issued by eligible public 
entities specified in the second sentence of subsection (o) of such 
section 108 (as added by the amendment made by section 2(2) of this 
Act).
                                 <all>