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S. 1452 (es) To modernize the requirements under the National Manufactured Housing [Engrossed in Senate] ...


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    ``There are authorized to be appropriated to the Department of 
Housing and Urban Development for grants under this title such sums as 
may be necessary for each of fiscal years 2001, 2002, 2003, 2004, and 
2005.''.

SEC. 514. LOAN GUARANTEES.

    Subtitle E of title I of the Housing and Community Development Act 
of 1992 is amended by inserting after section 184 (12 U.S.C. 1715z-13a) 
the following:

``SEC. 184A. LOAN GUARANTEES FOR NATIVE HAWAIIAN HOUSING.

    ``(a) Definitions.--In this section:
            ``(1) Department of hawaiian home lands.--The term 
        `Department of Hawaiian Home Lands' means the agency or 
        department of the government of the State of Hawaii that is 
        responsible for the administration of the Hawaiian Homes 
        Commission Act, 1920 (42 Stat. 108 et seq.).
            ``(2) Eligible entity.--The term `eligible entity' means a 
        Native Hawaiian family, the Department of Hawaiian Home Lands, 
        the Office of Hawaiian Affairs, and private nonprofit or 
        private for-profit organizations experienced in the planning 
        and development of affordable housing for Native Hawaiians.
            ``(3) Family.--The term `family' means one or more persons 
        maintaining a household, as the Secretary shall by regulation 
        provide.
            ``(4) Guarantee fund.--The term `Guarantee Fund' means the 
        Native Hawaiian Housing Loan Guarantee Fund established under 
        subsection (i).
            ``(5) Hawaiian home lands.--The term `Hawaiian Home Lands' 
        means lands that--
                    ``(A) have the status of Hawaiian Home Lands under 
                section 204 of the Hawaiian Homes Commission Act (42 
                Stat. 110); or
                    ``(B) are acquired pursuant to that Act.
            ``(6) Native hawaiian.--The term `Native Hawaiian' means 
        any individual who is--
                    ``(A) a citizen of the United States; and
                    ``(B) a descendant of the aboriginal people, who, 
                prior to 1778, occupied and exercised sovereignty in 
                the area that currently constitutes the State of 
                Hawaii, as evidenced by--
                            ``(i) genealogical records;
                            ``(ii) verification by kupuna (elders) or 
                        kama'aina (long-term community residents); or
                            ``(iii) birth records of the State of 
                        Hawaii.
            ``(7) Office of hawaiian affairs.--The term `Office of 
        Hawaiian Affairs' means the entity of that name established 
        under the constitution of the State of Hawaii.
    ``(b) Authority.--To provide access to sources of private financing 
to Native Hawaiian families who otherwise could not acquire housing 
financing because of the unique legal status of the Hawaiian Home Lands 
or as a result of a lack of access to private financial markets, the 
Secretary may guarantee an amount not to exceed 100 percent of the 
unpaid principal and interest that is due on an eligible loan under 
subsection (b).
    ``(c) Eligible Loans.--Under this section, a loan is an eligible 
loan if that loan meets the following requirements:
            ``(1) Eligible borrowers.--The loan is made only to a 
        borrower who is--
                    ``(A) a Native Hawaiian family;
                    ``(B) the Department of Hawaiian Home Lands;
                    ``(C) the Office of Hawaiian Affairs; or
                    ``(D) a private nonprofit organization experienced 
                in the planning and development of affordable housing 
                for Native Hawaiians.
            ``(2) Eligible housing.--
                    ``(A) In general.--The loan will be used to 
                construct, acquire, or rehabilitate not more than 4-
                family dwellings that are standard housing and are 
                located on Hawaiian Home Lands for which a housing plan 
                described in subparagraph (B) applies.
                    ``(B) Housing plan.--A housing plan described in 
                this subparagraph is a housing plan that--
                            ``(i) has been submitted and approved by 
                        the Secretary under section 803 of the Native 
                        American Housing Assistance and Self-
                        Determination Act of 1996; and
                            ``(ii) provides for the use of loan 
                        guarantees under this section to provide 
                        affordable homeownership housing on Hawaiian 
                        Home Lands.
            ``(3) Security.--The loan may be secured by any collateral 
        authorized under applicable Federal or State law.
            ``(4) Lenders.--
                    ``(A) In general.--The loan shall be made only by a 
                lender approved by, and meeting qualifications 
                established by, the Secretary, including any lender 
                described in subparagraph (B), except that a loan 
                otherwise insured or guaranteed by an agency of the 
                Federal Government or made by the Department of 
                Hawaiian Home Lands from amounts borrowed from the 
                United States shall not be eligible for a guarantee 
                under this section.
                    ``(B) Approval.--The following lenders shall be 
                considered to be lenders that have been approved by the 
                Secretary:
                            ``(i) Any mortgagee approved by the 
                        Secretary for participation in the single 
                        family mortgage insurance program under title 
                        II of the National Housing Act (12 U.S.C.A. 
                        1707 et seq.).
                            ``(ii) Any lender that makes housing loans 
                        under chapter 37 of title 38, United States 
                        Code, that are automatically guaranteed under 
                        section 3702(d) of title 38, United States 
                        Code.
                            ``(iii) Any lender approved by the 
                        Secretary of Agriculture to make guaranteed 
                        loans for single family housing under the 
                        Housing Act of 1949 (42 U.S.C.A. 1441 et seq.).
                            ``(iv) Any other lender that is supervised, 
                        approved, regulated, or insured by any agency 
                        of the Federal Government.
            ``(5) Terms.--The loan shall--
                    ``(A) be made for a term not exceeding 30 years;
                    ``(B) bear interest (exclusive of the guarantee fee 
                under subsection (d) and service charges, if any) at a 
                rate agreed upon by the borrower and the lender and 
                determined by the Secretary to be reasonable, but not 
                to exceed the rate generally charged in the area (as 
                determined by the Secretary) for home mortgage loans 
                not guaranteed or insured by any agency or 
                instrumentality of the Federal Government;
                    ``(C) involve a principal obligation not 
                exceeding--
                            ``(i) 97.75 percent of the appraised value 
                        of the property as of the date the loan is 
                        accepted for guarantee (or 98.75 percent if the 
                        value of the property is $50,000 or less); or
                            ``(ii) the amount approved by the Secretary 
                        under this section; and
                    ``(D) involve a payment on account of the 
                property--
                            ``(i) in cash or its equivalent; or
                            ``(ii) through the value of any 
                        improvements to the property made through the 
                        skilled or unskilled labor of the borrower, as 
                        the Secretary shall provide.
    ``(d) Certificate of Guarantee.--
            ``(1) Approval process.--
                    ``(A) In general.--Before the Secretary approves 
                any loan for guarantee under this section, the lender 
                shall submit the application for the loan to the 
                Secretary for examination.
                    ``(B) Approval.--If the Secretary approves the 
                application submitted under subparagraph (A), the 
                Secretary shall issue a certificate under this 
                subsection as evidence of the loan guarantee approved.
            ``(2) Standard for approval.--The Secretary may approve a 
        loan for guarantee under this section and issue a certificate 
        under this subsection only if the Secretary determines that 
        there is a reasonable prospect of repayment of the loan.
            ``(3) Effect.--
                    ``(A) In general.--A certificate of guarantee 
                issued under this subsection by the Secretary shall be 
                conclusive evidence of the eligibility of the loan for 
                guarantee under this section and the amount of that 
                guarantee.
                    ``(B) Evidence.--The evidence referred to in 
                subparagraph (A) shall be incontestable in the hands of 
                the bearer.
                    ``(C) Full faith and credit.--The full faith and 
                credit of the United States is pledged to the payment 
                of all amounts agreed to be paid by the Secretary as 
                security for the obligations made by the Secretary 
                under this section.
            ``(4) Fraud and misrepresentation.--This subsection may not 
        be construed--
                    ``(A) to preclude the Secretary from establishing 
                defenses against the original lender based on fraud or 
                material misrepresentation; or
                    ``(B) to bar the Secretary from establishing by 
                regulations that are on the date of issuance or 
                disbursement, whichever is earlier, partial defenses to 
                the amount payable on the guarantee.
    ``(e) Guarantee Fee.--
            ``(1) In general.--The Secretary shall fix and collect a 
        guarantee fee for the guarantee of a loan under this section, 
        which may not exceed the amount equal to 1 percent of the 
        principal obligation of the loan.
            ``(2) Payment.--The fee under this subsection shall--
                    ``(A) be paid by the lender at time of issuance of 
                the guarantee; and
                    ``(B) be adequate, in the determination of the 
                Secretary, to cover expenses and probable losses.
            ``(3) Deposit.--The Secretary shall deposit any fees 
        collected under this subsection in the Native Hawaiian Housing 
        Loan Guarantee Fund established under subsection (j).
    ``(f) Liability Under Guarantee.--The liability under a guarantee 
provided under this section shall decrease or increase on a pro rata 
basis according to any decrease or increase in the amount of the unpaid 
obligation under the provisions of the loan agreement involved.
    ``(g) Transfer and Assumption.--Notwithstanding any other provision 
of law, any loan guaranteed under this section, including the security 
given for the loan, may be sold or assigned by the lender to any 
financial institution subject to examination and supervision by an 
agency of the Federal Government or of any State or the District of 
Columbia.
    ``(h) Disqualification of Lenders and Civil Money Penalties.--
            ``(1) In general.--
                    ``(A) Grounds for action.--The Secretary may take 
                action under subparagraph (B) if the Secretary 
                determines that any lender or holder of a guarantee 
                certificate under subsection (c)--
                            ``(i) has failed--
                                    ``(I) to maintain adequate 
                                accounting records;
                                    ``(II) to service adequately loans 
                                guaranteed under this section; or
                                    ``(III) to exercise proper credit 
                                or underwriting judgment; or
                            ``(ii) has engaged in practices otherwise 
                        detrimental to the interest of a borrower or 
                        the United States.
                    ``(B) Actions.--Upon a determination by the 
                Secretary that a holder of a guarantee certificate 
                under subsection (c) has failed to carry out an 
                activity described in subparagraph (A)(i) or has 
                engaged in practices described in subparagraph (A)(ii), 
                the Secretary may--
                            ``(i) refuse, either temporarily or 
                        permanently, to guarantee any further loans 
                        made by such lender or holder;
                            ``(ii) bar such lender or holder from 
                        acquiring additional loans guaranteed under 
                        this section; and
                            ``(iii) require that such lender or holder 
                        assume not less than 10 percent of any loss on 
                        further loans made or held by the lender or 
                        holder that are guaranteed under this section.
            ``(2) Civil money penalties for intentional violations.--
                    ``(A) In general.--The Secretary may impose a civil 
                monetary penalty on a lender or holder of a guarantee 
                certificate under subsection (d) if the Secretary 
                determines that the holder or lender has intentionally 
                failed--
                            ``(i) to maintain adequate accounting 
                        records;
                            ``(ii) to adequately service loans 
                        guaranteed under this section; or
                            ``(iii) to exercise proper credit or 
                        underwriting judgment.
                    ``(B) Penalties.--A civil monetary penalty imposed 
                under this paragraph shall be imposed in the manner and 
                be in an amount provided under section 536 of the 
                National Housing Act (12 U.S.C.A. 1735f-1) with respect 
                to mortgagees and lenders under that Act.
            ``(3) Payment on loans made in good faith.--Notwithstanding 
        paragraphs (1) and (2), if a loan was made in good faith, the 
        Secretary may not refuse to pay a lender or holder of a valid 
        guarantee on that loan, without regard to whether the lender or 
        holder is barred under this subsection.
    ``(i) Payment Under Guarantee.--
            ``(1) Lender options.--
                    ``(A) In general.--
                            ``(i) Notification.--If a borrower on a 
                        loan guaranteed under this section defaults on 
                        the loan, the holder of the guarantee 
                        certificate shall provide written notice of the 
                        default to the Secretary.
                            ``(ii) Payment.--Upon providing the notice 
                        required under clause (i), the holder of the 
                        guarantee certificate shall be entitled to 
                        payment under the guarantee (subject to the 
                        provisions of this section) and may proceed to 
                        obtain payment in one of the following manners:
                                    ``(I) Foreclosure.--
                                            ``(aa) In general.--The 
                                        holder of the certificate may 
                                        initiate foreclosure 
                                        proceedings (after providing 
                                        written notice of that action 
                                        to the Secretary).
                                            ``(bb) Payment.--Upon a 
                                        final order by the court 
                                        authorizing foreclosure and 
                                        submission to the Secretary of 
                                        a claim for payment under the 
                                        guarantee, the Secretary shall 
                                        pay to the holder of the 
                                        certificate the pro rata 
                                        portion of the amount 
                                        guaranteed (as determined 
                                        pursuant to subsection (f)) 
                                        plus reasonable fees and 
                                        expenses as approved by the 
                                        Secretary.
                                            ``(cc) Subrogation.--The 
                                        rights of the Secretary shall 
                                        be subrogated to the rights of 
                                        the holder of the guarantee. 
                                        The holder shall assign the 
                                        obligation and security to the 
                                        Secretary.
                                    ``(II) No foreclosure.--
                                            ``(aa) In general.--Without 
                                        seeking foreclosure (or in any 

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