Young Farmers Homestead Act

Young Farmers' Homestead Act - Establishes as an agency within the Department of Agriculture the Federal Farm Assistance Corporation. Authorizes the Corporation to purchase farm land in value of up to $200,000 per unit.

Provides that the Corporation shall make such farms available for lease and subsequently for sale. Directs that the farms may be leased to an eligible applicant for a period of not less than two years nor more than seven years with specified restrictions upon the use of such land.

Provides that the lessee may at any time within six months prior to the expiration of his lease make application to the Board of Directors of the Corporation for purchase of such unit upon the expiration of such lease. States that the Board shall approve such application if it determines that the lessee can successfully manage and operate such farm unit. Specifies a formula to be used in determining the selling price of each farm.

Provides that a buyer may obtain financing through an available source, but if private financing is not available, the Farmers Home Administration shall furnish the financing at a specified rate.

Requires the Corporation to file annually with the Secretary of Agriculture a complete report as to the business of the Corporation. Provides that the financial transactions of the Corporation shall be audited at least once each year by the General Accounting Office.

Directs the Secretary of Agriculture to appoint an advisory council to advise the Board regarding the administration of this Act. Provides that the Council's advice shall include recommendations on what the eligibility requirements should be for leasing farm units and what experience should be required for leasing a farm.

Authorizes the appropriation of such sums as may be necessary to carry out this Act.

Specifies criminal provisions applicable to the Federal Farm Assistance Corporation.