To amend the Consolidated Farm and Rural Development Act to reduce the eligibility requirement for direct farm real estate loans, and for other purposes.

Bill: 118-hr-5172
Sponsor: full_name: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2023-08-08
Policy area: Agriculture and Food
Subjects: Agricultural prices, subsidies, credit

Government lending and loan guarantees

Rural conditions and development
Latest action: action_date: 2023-09-25
text: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Summaries:

tv_txt: I 118th CONGRESS 1st Session H. R. 5172 IN THE HOUSE OF REPRESENTATIVES August 8, 2023 Mr. Nunn of Iowa (for himself and Ms. Crockett ) introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Consolidated Farm and Rural Development Act to reduce the eligibility requirement for direct farm real estate loans, and for other purposes.

1. Reduction of the eligibility requirement for direct farm real estate loans under the Consolidated Farm and Rural Development Act Section 302(b) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922(b) ) is amended— (1) by striking paragraph (1) and inserting the following: (1) In general The Secretary may make a direct loan under this subtitle only to a farmer or rancher who has at least 1 year of experience substantially participating in the management and business operations of a farm or ranch, as determined by the Secretary, or has other acceptable education or experience for a period of time, as determined by the Secretary. ; and (2) in paragraph (4)— (A) in subparagraph (A), by striking 3-year requirement in paragraph (1) to 1 or 2 years and inserting 1-year requirement in paragraph (1) to 6 months ; and (B) in subparagraph (B), by striking 3-year and inserting 1-year .