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

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5172 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5172

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


_______________________________________________________________________


                    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.

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

SECTION 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''.
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