7 USC 936f - Substantially underserved trust areas

U.S Code last checked for updates: Nov 24, 2024

§ 936f.

Substantially underserved trust areas

(a)

Definitions

In this section:

(1)

Eligible program

The term “eligible program” means a program administered by the Rural Utilities Service and authorized in—

(A)

this chapter; or

(B)

paragraph (1), (2), (14), (22), or (24) of section 1926(a) of this title or section 1926a, 1926c, 1926d, or 1926e of this title.

(2)

Substantially underserved trust area

(b)

Initiative

(c)

Authority of Secretary

In carrying out subsection (b), the Secretary—

(1)

may make available from loan or loan guarantee programs administered by the Rural Utilities Service to qualified utilities or applicants financing with an interest rate as low as 2 percent, and with extended repayment terms;

(2)

may waive nonduplication restrictions, matching fund requirements, or credit support requirements from any loan or grant program administered by the Rural Utilities Service to facilitate the construction, acquisition, or improvement of infrastructure;

(3)

may give the highest funding priority to designated projects in substantially underserved trust areas; and

(4)

shall only make loans or loan guarantees that are found to be financially feasible and that provide eligible program benefits to substantially underserved trust areas.

(d)

Report

Not later than 1 year after the date of enactment of this section and annually thereafter, the Secretary shall submit to Congress a report that describes—

(1)

the progress of the initiative implemented under subsection (b); and

(2)

recommendations for any regulatory or legislative changes that would be appropriate to improve services to substantially underserved trust areas.

(May 20, 1936, ch. 432, title III, § 306F, as added Pub. L. 110–234, title VI, § 6105, May 22, 2008, 122 Stat. 1196, and Pub. L. 110–246, § 4(a), title VI, § 6105, June 18, 2008, 122 Stat. 1664, 1957.)

cite as: 7 USC 936f