Revolving fund for loans to States and Indian tribes to carry out renewable energy sources activities

(a)

Establishment of Fund

There is established in the Treasury of the United States a revolving fund, to be known as the Alternative Energy Sources State Revolving Fund. (b)

Credits

The Fund shall be credited with— (1)any amounts appropriated to the Fund pursuant to subsection (g); (2)any amounts of principal and interest from loan repayments received by the Secretary pursuant to subsection (d)(7); and (3)any interest earned on investments of amounts in the Fund pursuant to subsection (e). (c)

Expenditures

(1)

In general

Subject to paragraph (2), on request by the Secretary of Housing and Urban Development, the Secretary of the Treasury shall transfer from the Fund to the Secretary such amounts as the Secretary determines are necessary to provide loans under subsection (d)(1). (2)

Administrative expenses

Of the amounts in the Fund, not more than 5 percent shall be available for each fiscal year to pay the administrative expenses of the Department of Housing and Urban Development to carry out this section. (d)

Loans to States and Indian tribes

(1)

In general

The Secretary shall use amounts in the Fund to provide loans to States and Indian tribes to provide incentives to owners of single-family and multifamily housing, commercial properties, and public buildings to provide— (A)renewable energy sources for such structures, such as wind, wave, solar, biomass, or geothermal energy sources, including incentives to companies and business to change their source of energy to such renewable energy sources and for changing the sources of energy for public buildings to such renewable energy sources; (B)energy efficiency and energy conserving improvements and features for such structures; or (C)infrastructure related to the delivery of electricity and hot water for structures lacking such amenities. (2)

Eligibility

To be eligible to receive a loan under this subsection, a State or Indian tribe, through an appropriate State or tribal agency, shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (3)

Criteria for approval

The Secretary may approve an application of a State or Indian tribe under paragraph (2) only if the Secretary determines that the State or tribe will use the funds from the loan under this subsection to carry out a program to provide incentives described in paragraph (1) that— (A)requires that any such renewable energy sources, and energy efficiency and energy conserving improvements and features, developed pursuant to assistance under the program result in compliance of the structure so improved with the energy efficiency requirements under section 2(a) of the; and (B)includes such compliance and audit requirements as the Secretary determines are necessary to ensure that the program is operated in a sound and effective manner. (4)

Preference

In making loans during each fiscal year, the Secretary shall give preference to States and Indian tribes that have not previously received a loan under this subsection. (5)

Maximum amount

The aggregate outstanding principal amount from loans under this subsection to any single State or Indian tribe may not exceed $500,000,000. (6)

Loan terms

Each loan under this subsection shall have a term to maturity of not more than 10 years and shall bear interest at annual rate, determined by the Secretary, that shall not exceed interest rate charged by the Federal Reserve Bank of New York to commercial banks and other depository institutions for very short-term loans under the primary credit program, as most recently published in the Federal Reserve Statistical Release on selected interest rates (daily or weekly), and commonly referred to as the H.15 release, preceding the date of a determination for purposes of applying this paragraph. (7)

Loan repayment

The Secretary shall require full repayment of each loan made under this section. (e)

Investment of Amounts

(1)

In general

The Secretary of the Treasury shall invest such amounts in the Fund that are not, in the judgment of the Secretary of the Treasury, required to meet needs for current withdrawals. (2)

Obligations of United States

Investments may be made only in interest-bearing obligations of the United States. (f)

Reports

(1)

Reports to Secretary

For each year during the term of a loan made under subsection (d), the State or Indian tribe that received the loan shall submit to the Secretary a report describing the State or tribal alternative energy sources program for which the loan was made and the activities conducted under the program using the loan funds during that year. (2)

Report to Congress

Not later than September 30 of each year that loans made under subsection (d) are outstanding, the Secretary shall submit a report to the Congress describing the total amount of such loans provided under subsection (d) to each eligible State and Indian tribe during the fiscal year ending on such date, and an evaluation on effectiveness of the Fund. (g)

Authorization of Appropriations

There is authorized to be appropriated to the Fund $5,000,000,000. (h)

Definitions

For purposes of this section, the following definitions shall apply: (1)

Indian tribe

The term Indian tribe has the meaning given such term in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4103). (2)

Secretary

The term Secretary means the Secretary of Housing and Urban Development. (3)

State

The term State means each of the several States, the Commonwealth of Puerto Rico, the District of Columbia, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territories of the Pacific, or any other possession of the United States.