A bill to amend the Consolidated Farm and Rural Development Act and to assist farmers in disasters.

Makes emergency loans, under the Consolidated Farm and Rural Development Act, available to farmers regardless of their ability to obtain the required financial assistance from other sources. States that the interest rate on such loan shall be five percent and that the maximum repayment period shall be 30 years. Authorizes the Secretary of Agriculture to pay the principal and interest for the first year of the term of a loan made or insured under such Act and to defer payments for such time if the Secretary is the holder of a note for such loan.

Authorizes the Secretary to defer payments on loans made under the rural housing loan program of the Housing Act of 1949 in the case of loss or damage caused by a disaster. Authorizes the Secretary to grant loans for repair or replacement of property damaged or destroyed by such disaster regardless of whether financial assistance is otherwise available to the extent that such loss is not compensated by insurance or otherwise and to refinance mortgages or other liens outstanding against such property.