What conditions shall HUD prescribe when providing a guarantee for notes or other obligations issued by an Indian tribe?
HUD shall provide that:
(a) Any loan, note or other obligation guaranteed under title VI of NAHASDA may be sold or assigned by the lender to any financial institution that is subject to examination and supervision by an agency of the Federal government, any State, or the District of Columbia without destroying or otherwise negatively affecting the guarantee; and
(b) Indian tribes and housing entities are encouraged to explore creative financing mechanisms and in so doing shall not be limited in obtaining a guarantee. These creative financing mechanisms include but are not limited to:
(1) Borrowing from private or public sources or partnerships;
(2) Issuing tax exempt and taxable bonds where permitted; and
(3) Establishing consortiums or trusts for borrowing or lending, or for pooling loans.
(c) The repayment period may exceed twenty years and the length of the repayment period cannot be the sole basis for HUD disapproval; and
(d) Lender and issuer/borrower must certify that they acknowledge and agree to comply with all applicable tribal laws.
Title 24 published on 2012-04-01
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