Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to make real estate and operating loans available to private domestic corporations and partnerships controlled by farmers and ranchers engaged primarily in farming or ranching who, individually or as their principal stockholders and partners, are United States citizens.
Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000 or $300,000 in the case of a guaranteed loan.
States that special consideration for such loans may be given the areas having a population of more than 5,500.
Revises the maximum interest rate on real estate loans other than guaranteed loans under such Act from five percent to a rate determined by the Secretary taking into account the current market yield on outstanding marketable obligations of the United States.
States that a loan applicant's ability to obtain sufficient credit elsewhere shall not be a factor with respect to guaranteed real estate loans.
Increases the amount of indebtedness which may be outstanding for operating loans under such Act for an individual from $50,000 to $100,000 or in the case of a guaranteed loan, $200,000. States that the interest rates on such loans which are guaranteed shall be the rate agreed upon by the borrower and lender.
Authorizes the Secretary to make loans and grants, and approve transfers and assumptions under such Act in connection with property securing a loan made, insured, or held by the Secretary notwithstanding the fact an area ceases to be eligible for assistance under such Act.
Provides for congressional authorization of program levels under such Act.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
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