To amend the Consolidated Farm and Rural Development Act to reduce the eligibility requirement for direct farm real estate loans, and for other purposes.
About This Bill
Committee
Latest Action · September 25, 2023
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
This bill reduces the experience requirements for farmers and ranchers seeking direct farm real estate loans from the U.S. Department of Agriculture. Currently, applicants must have three years of experience managing a farm or ranch to qualify for these loans; the bill lowers this to just one year of experience, or alternatively allows the Secretary of Agriculture to accept other acceptable education or relevant experience as a substitute. The changes affect beginning and established farmers and ranchers who want to purchase or improve farmland through USDA direct lending programs. The bill also reduces related eligibility timelines from three years to either one or two years, and from three years to one year, in different provisions governing the loan programs. No specific funding amounts or implementation deadlines are included in the legislation.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.