Page 727 TITLE 25—INDIANS § 4211

(b) Repayment from grant amounts

Notwithstanding any other provision of this

chapter—

(1) the Secretary may apply grants pledged

pursuant to subsection (a)(2) of this section to

any repayments due the United States as a result of such guarantees; and

(2) grants allocated under this chapter for an

Indian tribe or housing entity (including program income derived therefrom) may be used

to pay principal and interest due (including

such servicing, underwriting, and other costs

as may be specified in regulations issued by

the Secretary) on notes or other obligations

guaranteed pursuant to this subchapter.

(c) Full faith and credit

The full faith and credit of the United States

is pledged to the payment of all guarantees

made under this subchapter. Any such guarantee

made by the Secretary shall be conclusive evidence of the eligibility of the obligations for

such guarantee with respect to principal and interest, and the validity of any such guarantee so

made shall be incontestable in the hands of a

holder of the guaranteed obligations.

(Pub. L. 104–330, title VI, §602, Oct. 26, 1996, 110

Stat. 4046.)

REFERENCES IN TEXT

This chapter, referred to in subsecs. (a) and (b), was

in the original ‘‘this Act’’, meaning Pub. L. 104–330,

Oct. 26, 1996, 110 Stat. 4016, known as the Native American Housing Assistance and Self-Determination Act of

1996. For complete classification of this Act to the

Code, see Short Title note set out under section 4101 of

this title and Tables.

EFFECTIVE DATE

Section effective Oct. 26, 1996, see section 606 of Pub.

L. 104–330, set out as a note under section 4191 of this

title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 4191 of this title.

§ 4193. Payment of interest

The Secretary may make, and contract to

make, grants, in such amounts as may be approved in appropriations Acts, to or on behalf of

an Indian tribe or housing entity issuing notes

or other obligations guaranteed under this subchapter, to cover not to exceed 30 percent of the

net interest cost (including such servicing, underwriting, or other costs as may be specified in

regulations of the Secretary) to the borrowing

entity or agency of such obligations. The Secretary may also, to the extent approved in appropriations Acts, assist the issuer of a note or

other obligation guaranteed under this subchapter in the payment of all or a portion of the

principal and interest amount due under the

note or other obligation, if the Secretary determines that the issuer is unable to pay the

amount because of circumstances of extreme

hardship beyond the control of the issuer.

(Pub. L. 104–330, title VI, §603, Oct. 26, 1996, 110

Stat. 4047.)

EFFECTIVE DATE

Section effective Oct. 26, 1996, see section 606 of Pub.

L. 104–330, set out as a note under section 4191 of this

title.

§ 4194. Training and information

The Secretary, in cooperation with eligible

public entities, shall carry out training and information activities with respect to the guarantee program under this subchapter.

(Pub. L. 104–330, title VI, §604, Oct. 26, 1996, 110

Stat. 4047.)

EFFECTIVE DATE

Section effective Oct. 26, 1996, see section 606 of Pub.

L. 104–330, set out as a note under section 4191 of this

title.

§ 4195. Limitations on amount of guarantees

(a) Aggregate fiscal year limitation

Notwithstanding any other provision of law

and subject only to the absence of qualified applicants or proposed activities and to the authority provided in this subchapter, to the extent approved or provided in appropriations

Acts, the Secretary may enter into commitments to guarantee notes and obligations under

this subchapter with an aggregate principal

amount not to exceed $400,000,000 for each of fiscal years 1997, 1998, 1999, 2000, and 2001.

(b) Authorization of appropriations for credit

subsidy

There are authorized to be appropriated to

cover the costs (as such term is defined in section 661a of title 2) of guarantees under this subchapter such sums as may be necessary for each

of fiscal years 1997, 1998, 1999, 2000, and 2001.

(c) Aggregate outstanding limitation

The total amount of outstanding obligations

guaranteed on a cumulative basis by the Secretary pursuant to this subchapter shall not at

any time exceed $2,000,000,000 or such higher

amount as may be authorized to be appropriated

for this subchapter for any fiscal year.

(d) Fiscal year limitations on tribes

The Secretary shall monitor the use of guarantees under this subchapter by Indian tribes. If

the Secretary finds that 50 percent of the aggregate guarantee authority under subsection (c) of

this section has been committed, the Secretary

may—

(1) impose limitations on the amount of

guarantees any one Indian tribe may receive

in any fiscal year of $50,000,000; or

(2) request the enactment of legislation increasing the aggregate outstanding limitation

on guarantees under this subchapter.

(Pub. L. 104–330, title VI, §605, Oct. 26, 1996, 110

Stat. 4047.)

EFFECTIVE DATE

Section effective Oct. 26, 1996, see section 606 of Pub.

L. 104–330, set out as a note under section 4191 of this

title.

SUBCHAPTER VII—OTHER HOUSING

ASSISTANCE FOR NATIVE AMERICANS

§ 4211. 50-year leasehold interest in trust or restricted lands for housing purposes

(a) Authority to lease

Notwithstanding any other provision of law,

any trust or restricted Indian lands, whether