Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Native American Economic Development
and Infrastructure for Housing Act of 2007''.

SEC. 2. DEMONSTRATION PROGRAM FOR GUARANTEED LOANS TO FINANCE TRIBAL
COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES.

(a) Authority.--To the extent or in such amounts as are provided in
appropriation Acts, the Secretary of Housing and Urban Development (in
this section referred to as the ''Secretary'') may, subject to the
limitations of this section and upon such terms and conditions as the
Secretary may prescribe, guarantee and make commitments to guarantee,
the notes and obligations issued by Indian tribes or tribally
designated housing entities (as such term is defined in section 4 of
the Native American Housing Assistance and Self-Determination Act of
1996 (25 U.S.C. 4103)) with tribal approval, for the purposes of
financing activities, carried out on Indian reservations and in other
Indian areas, that under the first sentence of section 108(a) of the
Housing and Community Development Act of 1974 are eligible for
financing with notes and other obligations guaranteed pursuant to such
section 108.
(b) Low-Income Benefit Requirement.--Not less than 70 percent of
the aggregate funds received by an Indian tribe or tribally designated
housing entity as a result of a guarantee under this section shall be
used for the support of activities that benefit low-income Indian
families (as such term is defined for purposes of the Native American
Housing Assistance and Self-Determination Act of 1996) on Indian
reservations and other Indian areas.
(c) Financial Soundness.--The Secretary shall establish
underwriting criteria for guarantees under this section, including fees
for such guarantees, as may be necessary to ensure that the program
under this section for such guarantees is financially sound. Such fees
shall be established in amounts that are sufficient, but do not exceed
the minimum amounts necessary, to maintain a negative credit subsidy
for such program, as determined based upon risk to the Federal
Government under such underwriting requirements.
(d) Terms of Obligations.--Notes or other obligations guaranteed
pursuant to this section shall be in such form and denominations, have
such maturities, and be subject to such conditions as may be prescribed
by regulations issued by the Secretary. The Secretary may not deny a
guarantee under this section on the basis of the proposed repayment
period for the note or other obligation, unless the period is more than
20 years or the Secretary determines that the period causes the
guarantee to constitute an unacceptable financial risk.
(e) Limitation on Percentage.--A guarantee made under this section
shall guarantee repayment of 95 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 require the Indian tribe or housing entity
issuing such notes or obligations to--
(A) enter into a contract, in a form acceptable 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 Secretary,
such security as may be deemed appropriate by the
Secretary in making such guarantees, including
increments in local tax receipts generated by the
activities assisted by a guarantee 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
American Housing Assistance and Self-Determination 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 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.
(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 subject 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 amount not to exceed
$200,000,000 for each of fiscal years 2008 through 2012.
(2) Authorization of appropriations for credit subsidy.--
There are authorized to be appropriated to cover the costs (as
such term is defined 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. No
funds appropriated under this Act shall be expended for the
benefit of the Cherokee Nation of Oklahoma until the Secretary
shall have certified to the Congress that the Cherokee Nation
of Oklahoma is in compliance with the Treaty of 1866 and fully
recognizes all Cherokee Freedmen and their descendants as
citizens of the Cherokee Nation.
(3) Aggregate outstanding limitation.--The total amount of
outstanding obligations guaranteed on a cumulative basis by the
Secretary pursuant 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 authority under paragraph (3) has been committed, the
Secretary may--
(A) impose limitations on the amount of guarantees
pursuant to this section that any one Indian tribe may
receive in any fiscal year of $25,000,000; or
(B) request the enactment of legislation increasing
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 section by Indian tribes and tribally designated
housing entities, identifying the extent of such utilization and the
types of projects and activities financed using such authority 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.
A:
Native American Economic Development and Infrastructure for Housing Act of 2007 - (Sec. 2) Authorizes the Secretary of Housing and Urban Development to guarantee notes and obligations issued by Indian tribes or tribally designated housing entities, with tribal approval, to finance community and economic development activities on Indian reservations and in other Indian areas.

Requires the use of at least 70% of the aggregate funds received as a result of such guarantee to support activities that benefit low-income Indian families.

Directs the Secretary to establish underwriting criteria for such guarantees, including necessary fees, to ensure that the guarantee program is financially sound.

Prohibits the Secretary from denying a guarantee on the basis of the proposed repayment period for the note or other obligation, unless the period is more than 20 years or he determines that the period causes the guarantee to constitute an unacceptable financial risk.

Limits a guarantee to repayment of 95% of the unpaid principal and interest due.

Requires the Secretary, in cooperation with Indian tribes and tribally designated housing entities, to carry out training and information activities with respect to the guarantee program.

Authorizes the Secretary to enter into guarantee commitments with an aggregate principal amount of up to $200 million for each of FY2008-FY2012.

Authorizes appropriations for such fiscal years. Prohibits the expenditure of funds appropriated under this Act for the benefit of the Cherokee Nation of Oklahoma until the Secretary certifies to Congress that it is in compliance with the Treaty of 1866 and fully recognizes all Cherokee Freedmen and their descendants as citizens of the Cherokee Nation.

Limits to $1 billion, or any authorized higher amount, the total aggregate outstanding obligations guaranteed on a cumulative basis by the Secretary for any fiscal year.

Requires the Secretary to monitor the use of such guarantees by Indian tribes. Authorizes the Secretary, upon finding that 50% of such aggregate guarantee authority has been committed, to: (1) limit to $25 million the amount of guarantees that any one Indian tribe may receive in any fiscal year; or (2) request the enactment of legislation increasing the aggregate outstanding limitation.

Terminates on October 1, 2012, the Secretary's authority to make new guarantees for notes and obligations.