Sec. 11018. Loan guarantees for Native Hawaiian housing
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Section 184A of the Housing and Community Development Act of 1992 ( 12 U.S.C. 1715z–13b ) is amended— in subsection (b), by inserting , and to expand homeownership opportunities to Native Hawaiian families who are eligible to receive a homestead under the Hawaiian Homes Commission Act, 1920 (42 Stat. 108) on fee simple lands in the State of Hawaii after markets ; in subsection (c)— by amending paragraph
(2)to read as follows: The loan shall be used to construct, acquire, refinance, or rehabilitate 1- to 4-family dwellings that are standard housing. ; in paragraph (4)— in subparagraph (B)— by redesignating clause
(iv)as clause (v); and by adding after clause
(iii)the following: Any other lender that is supervised, approved, regulated, or insured by any agency of the Federal Government, including any entity certified as a community development financial institution by the Community Development Financial Institutions Fund established under section 104(a) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4703(a) ). ; and by adding at the end the following: If the Secretary determines that a mortgage guaranteed through a direct guarantee process under this section was not originated in accordance with the requirements established by the Secretary, the Secretary may require the lender approved under this section to indemnify the Secretary for the loss, irrespective of whether the violation caused the mortgage default. The Secretary may, dependent on the availability of systems development and staffing resources, delegate to eligible lenders the authority to directly endorse loans under this section. If fraud or misrepresentation was involved in the direct guarantee endorsement process by a lender under this section, the Secretary shall require the approved direct guarantee endorsement lender to indemnify the Secretary for any loss or potential loss, regardless of whether the fraud or misrepresentation caused or may cause the loan default. The Secretary may implement any requirements described in this subparagraph by regulation, notice, or Dear Lender Letter. . in paragraph (5)(A), by inserting before the semicolon at the end the following: except, as determined by the Secretary, when there is a loan modification under subsection (i)(1)(B), the term of the loan shall not exceed 40 years ; in subsection (d)— in paragraph (1), by adding at the end the following: When the Secretary exercises its discretion to delegate direct guarantee endorsement authority pursuant to subsection (c)(4)(C)(ii), subparagraphs
(A)and
(B)of this paragraph shall not apply. ; by amending paragraph
(2)to read as follows: The Secretary may approve a loan for guarantee under this section and issue a certificate under this subsection only if the Secretary determines that there is a reasonable prospect of repayment of the loan. When the Secretary exercises its discretion to delegate direct guarantee endorsement authority pursuant to subsection (c)(4)(C)(ii)— subparagraph
(A)shall not apply; and the direct guarantee endorsement lender may issue a certificate under this paragraph as evidence of the guarantee in accordance with requirements prescribed by the Secretary. ; and in paragraph (3)(A), by inserting or, where applicable, the direct guarantee endorsement lender, after Secretary and in subsection (j)(5)(B), by inserting after the first sentence the following: There are authorized to be appropriated for those costs such sums as may be necessary for each of fiscal years 2024 through 2030. .
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- 12 USC 1715z–13b
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Sec. 11018
Loan guarantees for Native Hawaiian housing
Cite12 USC 1715z–13b
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