Emergency Agricultural Relief Act

Emergency Agricultural Relief Act - Title I: Loan Guarantees to Restock Foundation Herds - Authorizes and directs the Secretary of Agriculture to provide financial assistance to qualified individuals, corporations, or partnerships to restock foundation livestock herds depleted as a result of a natural disaster or emergency. Directs the Secretary to guarantee up to 90 percent of the principal and interest on loans made by a legally organized lending agency for such purpose.

Allows recipients of such guaranteed loans to receive reimbursement from the Secretary for one-half of the amount of interest payments made by such borrower during the first two years of the loan repayment period.

Specifies the criteria which must be met in order to be eligible for such a guaranteed loan.

Specifies that loan guarantees outstanding under this title shall not exceed $500,000,000 at any one time.

Authorizes the Secretary to issue regulations to carry out the provisions of this title.

Title II: Operational Loan Guarantees After Disaster Loss to Crops - Authorizes and directs the Secretary of Agriculture to provide financial assistance for operational expenses in maintaining a farm to bona fide farmers whose farm operations are in areas designated as major disaster or emergency areas by the President or emergency areas by the Secretary and who have suffered a loss of at least one-third of their normal crop as a result of such disaster or emergency. Sets forth eligibility requirements for corporations or partnerships to receive such assistance.

Authorizes the Secretary to guarantee loans and to reimburse borrowers for interest payments in a similar manner as set forth in title I.

Specifies that loan guarantees outstanding under this title shall not exceed $200,000,000 at any one time.

Title III: Direct Loans to Farmers in Disaster Areas - Directs the Secretary of Agriculture to make loans to qualified farmers in areas which have been designated as major disaster or emergency areas on two or more separate occasions since January 1, 1971, if such funds are necessary to the continued existence of their agricultural units.

Specifies the authorized uses of such loans.

Stipulates that loans made under this title shall not exceed $30,000 and be at an interest rate of one percent per annum with a maximum repayment period of ten years.

Authorizes the Secretary to utilize the fund created under the Consolidated Farm and Rural Development Act to carry out the purposes of this title and authorizes appropriations to such fund in such sums as the Congress deems necessary to carry out the purposes of this title.