(a) If the Administrator determines that a community in ``trust land'' (as defined in section 3765 of title 38, United States Code) has a high need for the benefits of the Broadband Loan Program, he/she may designate the community as a ``substantially underserved trust area'' (as defined in section 306F of the RE Act).
(b) In order to improve the availability of the Broadband Loan Program in communities in substantially underserved trust areas, the Administrator retains the discretion to
(1) Make available to qualified utilities or applicants, financing with an interest rate as low as 2 percent, and with extended repayment terms;
(2) Waive nonduplication restrictions, matching fund and equity requirements, or credit support requirements; and
(3) Give the highest funding priority to designated projects in substantially underserved trust areas.
(c) The Administrator will only make loans and loan guarantees that RUS finds are financially feasible and that provide eligible program benefits to substantially underserved trust areas.
(d) Applicants should notify the National Office before preparing their applications that they are planning to seek waivers or adjustments based on this section (see Sec. 1738.201). Sec. Sec. 1738.4-1738.50 [Reserved]