Investing in Rural America Act

To amend the Consolidated Farm and Rural Development Act to provide support for facilities providing healthcare, education, child care, public safety, and other vital services in rural areas. 1. Short title This Act may be cited as the Investing in Rural America Act 2. Authority of Farm Credit System institutions to provide financial support for essential rural community facilities projects (a) In general Section 306(a) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1926(a) (27) Support for essential rural community facilities projects (A) In general In order to make available capital to develop, build, maintain, improve, or provide other support for essential community facilities in our Nation’s rural communities, institutions chartered and operating under title I, II, or III of the Farm Credit Act of 1971 may provide financing and technical assistance for projects eligible for financing under this subsection for community facilities, subject to subparagraph (B). (B) Limitations An institution referred to in subparagraph (A) shall not provide financing under subparagraph (A)— (i) in an amount that exceeds 15 percent of the total assets of the institution; or (ii) unless the institution— (I) has offered, under reasonable terms and conditions acceptable to the borrower involved, an interest in the financing to at least 1 lending institution not referred to in subparagraph (A); and (II) has reported the offer to the Farm Credit Administration. (C) Annual reports to Congress Within 1 year after the date of the enactment of this paragraph, and annually thereafter, the Farm Credit Administration shall provide a report on the activities undertaken under this paragraph by Farm Credit System institutions during the period covered by the report, including through partnerships between such an institution and other lending institutions, and a copy of each report provided pursuant to subparagraph (B)(ii)(II) during the period, which shall also be posted on the website of the Farm Credit Administration. . (b) Effective date The amendment made by subsection (a) shall take effect on October 1, 2023.

Summary: Investing in Rural America ActThis bill allows Farm Credit System (FCS) institutions to provide financing and technical assistance for essential community facility projects as part of the Department of Agriculture's Community Facilities Direct Loan & Grant Program. (This program provides funding to develop essential community facilities in rural areas.)The FCS financing and technical assistance may be provided in order to make capital available to develop, build, maintain, improve, or provide other support for essential community facilities in rural communities (e.g., certain facilities that provide healthcare, community support, public safety, educational, or utility services). Under the bill, the financing provided by an FCS institution may not exceed 15% of the institution’s total assets unless the FCS institution offers at least one non-FCS lending institution an interest in the financing under reasonable terms and conditions acceptable to the borrower. The FCS institution must also report the offer to the Farm Credit Administration (FCA).The FCA must submit an annual report to Congress on the activities undertaken by FCS institutions under this bill, including through the partnerships between FCS institutions and other lending institutions. The FCA must post the report on the agency's website.