Title: To offer persistent poverty counties and political subdivisions of such counties the opportunity to have their rural development loans restructured.
Policy area: Agriculture and Food

Summary:
This bill allows persistent poverty counties and political subdivisions of the counties to restructure certain Department of Agriculture rural development loans so that the interest rate is 0% and the loan term is 40 years.
A "persistent poverty county" is a county that has had at least 20% of its population living in poverty over the past 30 years, as measured by the 1990, 2000, and 2010 decennial censuses.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2228 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 2228

To offer persistent poverty counties and political subdivisions of such 
    counties the opportunity to have their rural development loans 
                             restructured.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2019

 Mr. Butterfield introduced the following bill; which was referred to 
  the Committee on Agriculture, and in addition to the Committees on 
    Financial Services, and Energy and Commerce, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
To offer persistent poverty counties and political subdivisions of such 
    counties the opportunity to have their rural development loans 
                             restructured.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. OPPORTUNITY FOR PERSISTENT POVERTY COUNTIES AND POLITICAL 
              SUBDIVISIONS IN THOSE COUNTIES TO HAVE THEIR RURAL 
              DEVELOPMENT LOANS RESTRUCTURED.

    (a) In General.--On request of a persistent poverty county or a 
political subdivision of such a county that has an outstanding loan 
described in subsection (c), the entity that made the loan shall 
restructure the loan so that the interest rate on the loan is 0 percent 
and the loan term is 40 years.
    (b) Persistent Poverty County Defined.--In subsection (a), the term 
``persistent poverty county'' means a county that has had 20 percent or 
more of its population living in poverty over the past 30 years, as 
measured by the 1990, 2000, and 2010 decennial censuses.
    (c) Loan Described.--A loan is described in this subsection if the 
loan is any of the following:
            (1) Water and waste disposal loan.--A loan made under 
        section 306(a)(1) of the Consolidated Farm and Rural 
        Development Act for a water and waste disposal purpose.
            (2) Essential community facility loan.--A loan made under 
        section 306(a)(1) of the Consolidated Farm and Rural 
        Development Act for an essential community facility.
            (3) Telecommunications infrastructure loan.--A loan made 
        under title III of the Rural Electrification Act of 1936.
            (4) Rural broadband access loan.--A loan made under section 
        601 of the Rural Electrification Act of 1936.
            (5) Distance learning and telemedicine loan.--A loan made 
        under section 2333 of the Food Agriculture, Conservation, and 
        Trade Act of 1990.
            (6) Broadband loan and grant pilot program loan.--A loan 
        made under the program provided for in section 779 of 
        Agriculture, Rural Development, Food and Drug Administration, 
        and Related Agencies Appropriations Act, 2018.
            (7) Rural electrification loan.--A loan made under any 
        provision of the Rural Electrification Act of 1936 for a rural 
        electrification purpose.
            (8) Multifamily rural rental housing loan.--A loan made 
        under section 515 of the Housing Act of 1949 (42 U.S.C. 1485).
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