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

Bill: 116-hr-2228
Sponsor: full_name: Rep. Butterfield, G. K. [D-NC-1]
Introduced: 2019-04-10
Policy area: Agriculture and Food
Subjects: Census and government statistics

Government lending and loan guarantees

Poverty and welfare assistance

Rural conditions and development
Latest action: action_date: 2019-05-07
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2019-04-10
action_desc: Introduced in House
text: <p>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. </p> <p>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. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 2228 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.

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 ).