Sec. 18. Section 184 Indian Home Loan Guarantee program
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Section 184 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 1715z–13a ) is amended— by amending subsection
(a)to read as follows: To provide access to sources of private financing to Indian families, Indian housing authorities, and Indian Tribes, who otherwise could not acquire housing financing because of the unique legal status of Indian lands and the unique nature of tribal economies, and to expand homeownership opportunities to Indian families, Indian housing authorities and Indian tribes on fee simple lands, the Secretary may guarantee not to exceed 100 percent of the unpaid principal and interest due on any loan eligible under subsection
(b)made to an Indian family, Indian housing authority, or Indian Tribe on trust land and fee simple land. ; and in subsection (b)— 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)— by redesignating subparagraphs
(A)through
(D)as clauses
(i)through (iv), respectively, and adjusting the margins accordingly; by striking The loan and inserting the following: The loan ; in subparagraph (A), as so designated, by adding at the end the following: 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: The Secretary may authorize qualifying lenders to participate in a direct guarantee process for approving loans under this section. If the Secretary determines that a mortgage guaranteed through a direct guarantee process under this subparagraph was not originated in accordance with the requirements established by the Secretary, the Secretary may require the lender approved under this subparagraph to indemnify the Secretary for the loss, irrespective of whether the violation caused the mortgage default. If fraud or misrepresentation is involved in a direct guarantee process under this subparagraph, the Secretary shall require the original lender approved under this subparagraph to indemnify the Secretary for the loss regardless of when an insurance claim is paid. The Secretary may periodically review the mortgagees originating, underwriting, or servicing single family mortgage loans under this section. In conducting a review under clause (i), the Secretary— shall compare the mortgagee with other mortgagees originating or underwriting loan guarantees for Indian housing based on the rates of defaults and claims for guaranteed mortgage loans originated, underwritten, or serviced by that mortgagee; may compare the mortgagee with such other mortgagees based on underwriting quality, geographic area served, or any commonly used factors the Secretary determines necessary for comparing mortgage default risk, provided that the comparison is of factors that the Secretary would expect to affect the default risk of mortgage loans guaranteed by the Secretary; shall implement such comparisons by regulation, notice, or mortgagee letter; and may terminate the approval of a mortgagee to originate, underwrite, or service loan guarantees for housing under this section if the Secretary determines that the mortgage loans originated, underwritten, or serviced by the mortgagee present an unacceptable risk to the Indian Housing Loan Guarantee Fund established under subsection (i)— based on a comparison of any of the factors set forth in this subparagraph; or by a determination that the mortgagee engaged in fraud or misrepresentation. ; and 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 (h)(1)(B), the term of the loan shall not exceed 40 years . Section 184(i)(5) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a(i)(5)) is amended— in subparagraph (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 2034. ; and in subparagraph (C), by striking 2008 through 2012 and inserting 2024 through 2034 .
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- 12 USC 1715z–13a
- 12 USC 1715z–13a(i)(5)
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Sec. 18
Section 184 Indian Home Loan Guarantee program
Cite12 USC 1715z–13a
Cite12 USC 1715z–13a(i)(5)
Cites 3Cited by 0 across 0 sources