[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2541 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2541

To amend title VI of the Native American Housing and Self-Determination 
    Act of 1996 to authorize Indian tribes to issue notes and other 
 obligations to finance community and economic development activities, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 24, 2007

  Mr. Renzi introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend title VI of the Native American Housing and Self-Determination 
    Act of 1996 to authorize Indian tribes to issue notes and other 
 obligations to finance community and economic development activities, 
                        and for other purposes.

    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 ``Tribal Economic Development and 
Infrastructure Support Act of 2007''.

SEC. 2. AUTHORITY TO USE GUARANTEE LOANS TO FINANCE COMMUNITY AND 
              ECONOMIC DEVELOPMENT ACTIVITIES.

    (a) Authority.--Title VI of the Native American Housing and Self-
Determination Act of 1996 (25 U.S.C. 4191 et seq.) is amended--
            (1) in the title heading, by inserting ``AND COMMUNITY 
        DEVELOPMENT'' after ``TRIBAL HOUSING''; and
            (2) in section 601(a)--
                    (A) by striking ``and'' after ``section 202'' and 
                inserting a comma; and
                    (B) by inserting before the period at the end the 
                following: ``, and activities that under the first 
                sentence of section 108(a) of the Housing and Community 
                Development Act of 1974 are eligible for financing with 
                notes and other obligations guaranteed pursuant to such 
                section 108''.
    (b) Low-Income Requirement.--The Native American Housing and Self-
Determination Act of 1996 is amended--
            (1) in section 201(b) (25 U.S.C. 4131(b))--
                    (A) in paragraph (1), by inserting ``, other than 
                under loan guarantee activities under title VI,'' after 
                ``under this Act'';
                    (B) in paragraph (2)--
                            (i) by striking the first comma and 
                        inserting ``or'';
                            (ii) by striking ``, or loan guarantee 
                        activities under title VI'';
                            (iii) by striking ``or title''; and
                            (iv) in the last sentence, by inserting 
                        after ``Act'' the following: ``(but not 
                        including amounts received as a result of a 
                        guarantee under title VI)'';
                    (C) in paragraph (3), by inserting after ``Act'' 
                the following: ``(but not including amounts received as 
                a result of a guarantee under title VI)'';
                    (D) by striking paragraph (5); and
                    (E) by redesignating the first paragraph designated 
                as paragraph (6) (relating to preference for tribal 
                members and other Indian families) as paragraph (5); 
                and
            (2) in section 601 (25 U.S.C. 4191), by adding at the end 
        the following new subsection:
    ``(e) Low-Income Requirement.--Not less than 70 percent of the 
aggregate funds received by an Indian tribe or tribally designated 
housing entity as a result of a guarantee under this title shall be 
used for the support of activities that benefit low-income Indian 
families on Indian reservations and other Indian areas.''.
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