This bill modifies the Farm Credit Act of 1971 to expand rural housing financing options in the United States. Specifically, it allows accessory dwelling units (such as small secondary homes on a property) to be included as eligible improvements when financing rural homes, and it increases the population threshold for what qualifies as a rural area from 2,500 residents to 10,000 residents. The changes make it easier for people in rural communities to access home loans through the Farm Credit System, which traditionally focuses on agricultural lending. The legislation would primarily affect rural homebuyers and communities seeking to expand housing opportunities outside of urban areas. The bill was introduced in December 2023 and referred to the Senate Committee on Agriculture, Nutrition, and Forestry but contains no specific funding amounts or implementation timelines.
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