percent of the unpaid principal and interest due on the 
notes or other obligations guaranteed. 
(f) SECURITY AND REPAYMENT.— 
(1) REQUIREMENTS ON ISSUER.—To ensure the 
repayment of notes or other obligations and charges 
incurred under this section and as a condition for 
receiving such guarantees, the Secretary shall re-
quire the Indian tribe or housing entity issuing such 
notes or obligations to— 
(A) enter into a contract, in a form accept-
able to the Secretary, for repayment of notes or 
other obligations guaranteed under this section; 
(B) demonstrate that the extent of such 
issuance and guarantee under this section is 
within the financial capacity of the tribe; and 
(C) furnish, at the discretion of the Sec-
retary, such security as may be deemed appro-
priate by the Secretary in making such guaran-
tees, including increments in local tax receipts 
generated by the activities assisted by a guar-
antee under this section or disposition proceeds 
from the sale of land or rehabilitated property, 
except that such security may not include any 
grant amounts received or for which the issuer 
may be eligible under title I of the Native 
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American Housing Assistance and Self-Deter-
mination Act of 1996. 
(2) FULL FAITH AND CREDIT.—The full faith 
and credit of the United States is pledged to the 
payment of all guarantees made under this section. 
Any such guarantee made by the Secretary shall be 
conclusive evidence of the eligibility of the obliga-
tions 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. 
(g) TRAINING AND INFORMATION.—The Secretary, 
in cooperation with Indian tribes and tribally designated 
housing entities, shall carry out training and information 
activities with respect to the guarantee program under this 
section. 
(h) LIMITATIONS ON AMOUNT OF GUARANTEES.— 
(1) AGGREGATE
FISCAL
YEAR
LIMITATION.— 
Notwithstanding any other provision of law and sub-
ject only to the absence of qualified applicants or 
proposed activities and to the authority provided in 
this section, to the extent approved or provided in 
appropriations Acts, the Secretary may enter into 
commitments to guarantee notes and obligations 
under this section with an aggregate principal 
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amount not to exceed $200,000,000 for each of fis-
cal years 2008 through 2012. 
(2) AUTHORIZATION OF APPROPRIATIONS FOR 
CREDIT SUBSIDY.—There are authorized to be ap-
propriated to cover the costs (as such term is de-
fined in section 502 of the Congressional Budget Act 
of 1974) of guarantees under this section such sums 
as may be necessary for each of fiscal years 2008 
through 2012. 
(3) AGGREGATE OUTSTANDING LIMITATION.— 
The total amount of outstanding obligations guaran-
teed on a cumulative basis by the Secretary pursu-
ant to this section shall not at any time exceed 
$1,000,000,000 or such higher amount as may be 
authorized to be appropriated for this section for 
any fiscal year. 
(4) FISCAL YEAR LIMITATIONS ON TRIBES.— 
The Secretary shall monitor the use of guarantees 
under this section by Indian tribes. If the Secretary 
finds that 50 percent of the aggregate guarantee au-
thority under paragraph (3) has been committed, the 
Secretary may— 
(A) impose limitations on the amount of 
guarantees pursuant to this section that any 
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one Indian tribe may receive in any fiscal year 
of $25,000,000; or 
(B) request the enactment of legislation in-
creasing the aggregate outstanding limitation 
on guarantees under this section. 
(i) REPORT.—Not later than the expiration of the 4- 
year period beginning on the date of the enactment of this 
Act, the Secretary shall submit a report to the Congress 
regarding the utilization of the authority under this sec-
tion by Indian tribes and tribally designated housing enti-
ties, identifying the extent of such utilization and the 
types of projects and activities financed using such author-
ity and analyzing the effectiveness of such utilization in 
carrying out the purposes of this section. 
(j) TERMINATION.—The authority of the Secretary 
under this section to make new guarantees for notes and 
obligations shall terminate on October 1, 2012. 
Æ 
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