Page:United States Statutes at Large Volume 106 Part 5.djvu/101

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3739 amounts are insufficient for the Secretary to recover the full amount of the loan made under this section, the second mortgage held by the Secretary under subsection (b)(1) shall be cancelled. " (3) PROFIT. —Any amounts remaining after distribution under paragraphs (1) and (2) shall be paid to the seller or transferor.". (b) CONFORMING AMENDMENTS. — Section 606(e)(5) of the Housing and Community Development Act of 1987 (12 U.S.C. 17151 note) is amended— 12 USC 1715/ (1) by inserting "subject to the provisions of section 604(c),** ^°^- after the comma; and (2) by striking "(in which case** and all that follows through "repaid)**. (c) APPLICABILITY.—The amendments made by this section shall 12 USC 1715/ apply to any loan made under section 604 of the Housing and "°*®- Community Development Act of 1987 after July 1, 1990. SEC. 184. LOAN GUARANTEES FOR INDIAN HOUSING. 12 USC (a) AUTHORITY. — To provide access to sources of private financing to Indian families and Indian housing authorities who otherwise could not acquire housing financing because of the luiique legal status of Indian trust land, the Secretary may guarantee not to exceed 100 percent of the unpaid principal and interest due on any loan eligible under subsection (b) made to an Indian family or Indian housing authority. (b) ELIGIBLE LOANS.— Loans guaranteed pursuant to this section shall meet the following requirements: (1) ELIGIBLE BORROWERS. — The loans shall be made only to borrowers who are Indian families or Indian housing authorities. (2) ELIGIBLE HOUSING. —The loan shall be used to construct, acquire, or rehabilitate 1- to 4-family dwellings that are standard housing and are located on trust land or land located in an Indian or Alaska Native area. (3) SECURITY.—The loan may be secured by any collateral authorized under existing Federal law or applicable State or tribal law. (4) LENDERS.—The loan shall be made only by a lender approved by and meeting qualifications established by the Secretary, except that loans otherwise insured or guaranteed by an agency of the Federal Government or made by an organization of Indians from amounts borrowed from the United States shall not be eligible for guarantee under this section. The following lenders are deemed to be approved under this paragraph: (A) Any mortgagee approved by the Secretary of Housing and Urban Development for participation in the single family mortgage insurance program under title II of the National Housing Act. (B) Any lender whose housing loans under chapter 37 of title 38, United States Code are automatically guaranteed pursuant to section 1802(d) of such title. (C) Any lender approved by the Secretary of Agriculture to make guaranteed loans for single family housing under the Housing Act of 1949.

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