Page:United States Statutes at Large Volume 104 Part 5.djvu/1069

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PUBLIC LAW 101-625--NOV. 28, 1990 104 STAT. 4391 inserting after the third sentence the following: "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.". (d) OUTSTANDING LOAN GUARANTEE AMOUNT PER ISSUER.—Section 108(b) of the Housing and Community Development Act of 1974 (42 U.S.C. 5308(b)) is amended— (1) by inserting after "this section" the following: "(excluding any amount defeased under the contract entered into under subsection (d)(l)(A))"; (2) by striking "three" and inserting "5"; and (3) by inserting "or 107" after "section 106". (e) ALLOCATION OF LOAN GUARANTEES AND MONITORING OF AMOUNT GUARANTEED FOR EACH COMMUNITY. — (1) ALLOCATION OF GUARANTEES. — Section 108(a) of the Housing and Community Development Act of 1974 (42 U.S.C. 5308), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new sentence: "Of the amount approved in any appropriation Act for guarantees under this section in any fiscal year, the Secretary shall allocate 70 percent for guarantees for metropolitan cities, urban counties, and Indian tribes and 30 percent for guarantees for units of general local government in nonentitlement areas. The Secretary may waive the percentage requirements of the preceding sentence in any fiscal year only to the extent that there is an absence of qualified applicants or proposed activities from metropolitan cities, urban counties, and Indian tribes or units of general local government in nonentitlement areas.". ^ (2) MONITORING OF GUARANTEES PER COMMUNITY. — Section 108(k) of the Housing and Community Development Act of 1974 (42 U.S.C. 5308(k)) is amended— (A) by inserting "(1)" after "(k)"; and (B) by adding at the end the following new pargigraph: "(2) The Secretary shall monitor the use of guarantees under this section by eligible public entities. If the Secretary finds that 50 percent of the aggregate guarantee authority has been committed, the Secretary may— "(A) impose limitations on the amount of guarantees any one / entity may receive in any fiscal year of $35,000,000 for units of general local government receiving grants under section 106(b) and $7,000,000 for units of general local government receiving grants under section 106(d); or "(B) request the enactment of legislation increasing the aggregate limitation on guarantees under this section.". (f) DEBT PAYMENT ASSISTANCE.—Section 108(h) of the Housing and , Community Development Act of 1974 (42 U.S.C. 5308(h)) is amended by adding at the end the following: "The Secretary may also, to the extent approved in appropriation Acts, assist the issuer of a note or other obligation guaranteed under this section in the payment of all or a portion of the principal and interest amount due under the note or other obligation, if the Secretary determines that the issuer is unable to pay the amount because of circumstances of extreme hardship beyond the control of the issuer.". (g) TRAINING AND INFORMATION.—Section 108 of the Housing and Community Development Act of 1974 (42 U.S.C. 5308) (as previously