SOIL Act

Support for Ownership and Investment in Land Act or the SOIL Act

This bill directs the Farm Service Agency (FSA) to carry out a pilot program to establish a pre-approval process for Direct Farm Ownership Loans. As background, the FSA Direct Loan Program provides Farm Ownership Loans to farmers and ranchers for the purchase and development of farm property.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8448 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8448

 To establish a pilot program to establish a pre-approval process for 
 direct farm ownership loans made under subtitle A of the Consolidated 
 Farm and Rural Development Act in order to streamline the application 
          process and provide greater certainty to borrowers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2024

 Mr. Bacon (for himself and Mr. Nunn of Iowa) introduced the following 
        bill; which was referred to the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
 To establish a pilot program to establish a pre-approval process for 
 direct farm ownership loans made under subtitle A of the Consolidated 
 Farm and Rural Development Act in order to streamline the application 
          process and provide greater certainty to borrowers.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Support for Ownership and Investment 
in Land Act'' or the ``SOIL Act''.

SEC. 2. FARMER LOAN PILOT PROJECTS.

    Subtitle D of the Consolidated Farm and Rural Development Act is 
amended by inserting after section 333D (7 U.S.C. 1983d) the following:

``SEC. 333E. PRIOR APPROVAL AUTHORIZATION PILOT PROGRAM.

    ``(a) In General.--The Secretary, acting through the Administrator 
of the Farm Service Agency, shall carry out a pilot program to 
establish a pre-approval process for direct farm ownership loans made 
under subtitle A in order to streamline the application process and 
provide greater certainty to borrowers.
    ``(b) Eligibility Requirements.--
            ``(1) In general.--Notwithstanding any other provision of 
        this Act, the Secretary may establish eligibility requirements 
        for direct farm ownership loans under subtitle A.
            ``(2) Limitation.--This section shall not be interpreted to 
        repeal any borrowing requirement imposed under subtitle A.
    ``(c) Report.--Not later than 1 year after the date of enactment of 
this section, and annually thereafter, 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 examining the actions undertaken under, and the results of, the 
pilot program.
    ``(d) Termination of Effectiveness.--The authority provided by this 
section shall terminate effective September 30, 2029.''.
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