HPRP Progress Act of 2024

Bill: 118-hr-9560
Sponsor: full_name: Rep. Crockett, Jasmine [D-TX-30]
Introduced: 2024-09-12
Policy area: Agriculture and Food
Latest action: action_date: 2024-10-02
text: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9560 IN THE HOUSE OF REPRESENTATIVES September 12, 2024 Ms. Crockett (for herself and Ms. Adams ) introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Consolidated Farm and Rural Development Act to provide for administrative costs with respect to the Heirs’ Property Relending Program, and for other purposes.

1. Short title This Act may be cited as the Heirs’ Property Relending Program Progress Act of 2024 or the HPRP Progress Act of 2024 . 2. Use of loan funds to cover administrative costs Section 310I of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1936c ) is amended— (1) in subsection (a), by striking relend the funds to individuals and entities and inserting use the funds ; (2) by amending subsection (c) to read as follows: (c) Eligible purposes An eligible entity that receives a loan made by the Secretary pursuant to subsection (a)— (1) shall relend the proceeds from the loan for projects that assist heirs with undivided ownership interests to resolve ownership and succession on farmland that has multiple owners; and (2) may use not more than 30 percent of the amount of the loan to pay administrative costs of relending the proceeds. ; and (3) in subsection (e), by adding at the end the following: (4) The Secretary may forgive, as the Secretary deems appropriate, the amounts of a loan used to pay administrative costs of relending the proceeds from the loan. . 3. Extension of authorization Section 310I(g) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1936c(g) ) is amended— (1) by striking $10,000,000 and inserting $60,000,000 ; (2) by striking 2019 and inserting 2025 ; and (3) by striking 2023 and inserting 2029, to remain available until expended . 4. Report Not later than 1 year after the date of the enactment of this Act, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report describing the operation and outcomes of the program under section 310I of the Consolidated Farm and Rural Development Act, with recommendations on how to strengthen the program.