Sec. 2252. Denali Housing Fund
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In this section: The term eligible entity means— a nonprofit organization; a limited dividend organization; a cooperative organization; an Indian Tribe (as defined in section 4 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5304 )); and a public entity, such as a municipality, county, district, authority, or other political subdivision of a State. The term Federal Cochair means the Federal Cochairperson of the Denali Commission. The term Fund means the Denali Housing Fund established under subsection (b)(1).
The term low-income , with respect to a household means that the household income is less than 150 percent of the Federal poverty level for the State of Alaska. The term moderate-income , with respect to a household, means that the household income is less than 250 percent of the Federal poverty level for the State of Alaska. The term Secretary means the Secretary of Agriculture. There shall be established in the Treasury of the United States the Denali Housing Fund, to be administered by the Federal Cochair.
Amounts allocated to the Federal Cochair for the purpose of carrying out this section shall be deposited in the Fund. The Federal Cochair shall use the Fund as a revolving fund to carry out the purposes of this section. The Federal Cochair may invest amounts in the Fund that are not necessary for operational expenses in bonds or other obligations, the principal and interest of which are guaranteed by the Federal Government. The Federal Cochair may charge the general expenses of carrying out this section to the Fund.
There is authorized to be appropriated to the Fund $5,000,000 for each of fiscal years 2025 through 2029. The purposes of this section are— to encourage and facilitate the construction or rehabilitation of housing to meet the needs of low-income households and moderate-income households; and to provide housing for public employees. The Federal Cochair may provide grants and loans from the Fund to eligible entities under such terms and conditions the Federal Cochair may prescribe.
The purpose of a grant or loan under paragraph
(1)shall be for planning and obtaining federally insured mortgage financing or other financial assistance for housing construction or rehabilitation projects for low-income and moderate-income households in rural Alaska villages. The Federal Cochair may provide amounts to the State of Alaska, or political subdivisions thereof, for making the grants and loans described in subsection (d). A loan under subsection
(d)for the cost of planning and obtaining financing (including the cost of preliminary surveys and analyses of market needs, preliminary site engineering and architectural fees, site options, application and mortgage commitment fees, legal fees, and construction loan fees and discounts) of a project described in that subsection may be for not more than 90 percent of that cost. A loan under subsection
(d)shall be made without interest, except that a loan made to an eligible entity established for profit shall bear interest at the prevailing market rate authorized for an insured or guaranteed loan for that type of project. The Federal Cochair shall require payment of a loan made under this section under terms and conditions the Secretary may require by not later than the date of completion of the project. For a loan other than a loan to an eligible entity established for profit, the Secretary may cancel any part of the debt with respect to a loan made under subsection
(d)if the Secretary determines that a permanent loan to finance the project cannot be obtained in an amount adequate for repayment of a loan made under subsection (d). A grant under this section for expenses incidental to planning and obtaining financing for a project described in this section that the Federal Cochair considers unrecoverable from the proceeds of a permanent loan made to finance the project— may not be made to an eligible entity established for profit; and may not exceed 90 percent of those expenses. The Federal Cochair may make grants and commitments for grants under terms and conditions the Federal Cochair may require to eligible entities for reasonable site development costs and necessary offsite improvements, such as sewer and water line extensions, if the grant or commitment— is essential to ensuring that housing is constructed on the site in the future; and otherwise meets the requirements for assistance under this section. The amount of a grant under this paragraph may not— with respect to the construction of housing, exceed 40 percent of the cost of the construction; and with respect to the rehabilitation of housing, exceed 10 percent of the reasonable value of the rehabilitation, as determined by the Federal Cochair. The Federal Cochair may provide, or contract with public or private organizations to provide, information, advice, and technical assistance with respect to the construction, rehabilitation, and operation by nonprofit organizations of housing for low-income or moderate-income households, or for public employees, in rural Alaska villages under this section.
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Sec. 2252
Denali Housing Fund
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