(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
The term "substantially underserved trust area" means a community in "trust land" (as defined in section 3765 of title 38) with respect to which the Secretary determines has a high need for the benefits of an eligible program.
(b) Initiative
The Secretary, in consultation with local governments and Federal agencies, may implement an initiative to identify and improve the availability of eligible programs in communities in substantially underserved trust areas.
(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.
References in Text
The date of enactment of this section, referred to in subsec. (d), is the date of enactment of Pub. L. 110–246, which was approved June 18, 2008.
Codification
Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
Effective Date
Enactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of this title.
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