714 
‘‘(m) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to carry out this section 
$25,000,000 for the period of fiscal years 2008 through 
2018.’’. 
‘‘CHAPTER 3—GENERAL RURAL 
DEVELOPMENT PROVISIONS 
‘‘SEC. 
3701. 
GENERAL 
PROVISIONS 
FOR 
LOANS 
AND 
GRANTS. 
‘‘(a) PERIOD FOR REPAYMENT.—Unless otherwise 
specifically provided for in this subtitle, the period for re-
payment of a loan under this subtitle shall not exceed 40 
years. 
‘‘(b) INTEREST RATES.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this title, the interest rate on a loan under 
this subtitle shall be determined by the Secretary at 
a rate— 
‘‘(A) not to exceed a sum obtained by add-
ing— 
‘‘(i) the current average market yield 
on outstanding marketable obligations of 
the United States with remaining periods 
to maturity comparable to the average ma-
turity of the loan; and 
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‘‘(ii) an amount not to exceed 1 per-
cent, as determined by the Secretary; and 
‘‘(B) adjusted to the nearest 1⁄8 of 1 per-
cent. 
‘‘(2) WATER AND WASTE FACILITY LOANS AND 
COMMUNITY FACILITIES LOANS.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
provision of State law limiting the rate or 
amount of interest that may be charged, taken, 
received, or reserved, except as provided in sub-
paragraph (C) and paragraph (4), the interest 
rate on a loan (other than a guaranteed loan) 
to a public body or nonprofit association (in-
cluding an Indian tribe) for a water or waste 
disposal facility or essential community facility 
shall be determined by the Secretary at a rate 
not to exceed— 
‘‘(i) the current market yield on out-
standing municipal obligations with re-
maining periods to maturity comparable to 
the average maturity for the loan, and ad-
justed to the nearest 1⁄8 of 1 percent; 
‘‘(ii) 5 percent per year for a loan 
that is for the upgrading of a facility or 
construction of a new facility as required 
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to meet applicable health or sanitary 
standards in— 
‘‘(I) an area in which the median 
family income of the persons to be 
served by the facility is below the pov-
erty line (as defined in section 673 of 
the Community Services Block Grant 
Act (42 U.S.C. 9902)); and 
‘‘(II) any areas the Secretary 
may designate in which a significant 
percentage of the persons to be served 
by the facilities are low-income per-
sons, as determined by the Secretary; 
and 
‘‘(iii) 7 percent per year for a loan for 
a facility that does not qualify for the 5 
percent per year interest rate prescribed in 
clause (ii) but that is located in an area in 
a State in which the median household in-
come of the persons to be served by the fa-
cility does not exceed 100 percent of the 
statewide nonmetropolitan median house-
hold income for the State. 
‘‘(B) HEALTH CARE AND RELATED FACILI-
TIES.—Notwithstanding subparagraph (A), the 
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Secretary shall establish a rate for a loan for a 
health care or related facility that is— 
‘‘(i) based solely on the income of the 
area to be served; and 
‘‘(ii) otherwise consistent with sub-
paragraph (A). 
‘‘(C) INTEREST RATES FOR WATER AND 
WASTE DISPOSAL FACILITIES LOANS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii) and notwithstanding 
subparagraph (A), in the case of a direct 
loan for a water or waste disposal facil-
ity— 
‘‘(I) in the case of a loan that 
would be subject to the 5 percent in-
terest rate limitation under subpara-
graph (A), the Secretary shall estab-
lish the interest rate at a rate that is 
equal to 60 percent of the current 
market yield for outstanding munic-
ipal obligations with remaining peri-
ods to maturity comparable to the av-
erage maturity of the loan, adjusted 
to the nearest 1⁄8 of 1 percent; and 
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‘‘(II) in the case of a loan that 
would be subject to the 7 percent limi-
tation under subparagraph (A), the 
Secretary shall establish the interest 
rate at a rate that is equal to 80 per-
cent of the current market yield for 
outstanding 
municipal 
obligations 
with remaining periods to maturity 
comparable to the average maturity of 
the loan, adjusted to the nearest 1⁄8 of 
1 percent. 
‘‘(ii) EXCEPTION.—Clause (i) does not 
apply to a loan for a specific project that 
is the subject of a loan that has been ap-
proved, but not closed, as of the date of 
enactment of the Agriculture Reform, 
Food, and Jobs Act of 2013. 
‘‘(3) INTEREST
RATES
ON
BUSINESS
AND 
OTHER LOANS.— 
‘‘(A) IN GENERAL.—Except as provided in 
paragraph (4), the interest rates on loans under 
sections 3501(a)(1) (other than guaranteed 
loans and loans as described in paragraph 
(2)(A)) shall be as determined by the Secretary 
in accordance with subparagraph (B). 
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