7 U.S. Code § 936f. Substantially underserved trust areas
(a) DefinitionsIn this section:
(1) Eligible programThe term “eligible program” means a program administered by the Rural Utilities Service and authorized in—
paragraph (1), (2), (14), (22), or (24) of section 1926(a) of this title or section 1926a, 1926c, 1926d, or 1926e of this title.
(c) Authority of SecretaryIn carrying out subsection (b), the Secretary—
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;
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;
may give the highest funding priority to designated projects in substantially underserved trust areas; and
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) ReportNot 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—
the progress of the initiative implemented under subsection (b); and
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.