Emergency Agricultural Credit Act of 1983

(Measure passed House, amended, roll call #79 (378-35))

Emergency Agricultural Credit Act of 1983 - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to establish a graduated scale of water and waste facilities grant rates with higher rates for lower population and income areas. Grants maximum rates to communities of 1500 or less with a median income level below 80 percent of the statewide nonmetropolitan median family income. Requires interest rates to be the lower of either original or current rates.

Directs the Secretary to establish a water and waste facility project selection system based upon population, income, and health hazard problems. Authorizes facility redevelopment payments and training grants.

Changes the eligibility standard for five-percent water and waste facility loans from one based on the Federal poverty level to one based on having an income level below 80 percent of the Statewide nonmetropolitan median family income. Establishes a seven percent loan for areas not qualifying for five-percent loans but whose income level is less than 100 percent of the Statewide figure. Specifies which types of institutions are qualifying lenders for insured business and industrial loans. Limits any such loan to $25,000,000.

Requires the Secretary (in consultation with the Secretary of Labor) to develop a selection system for such community facility and business loans based on: (1) median income below 80 percent of the statewide median income; (2) the rate of unemployment and underemployment; and (3) a sudden economic dislocation causing significant job loss.

Gives business loan priority to applicants who will most effectively assist in creating long-term employment opportunities. Authorizes grants to train people for such employment.

Requires the Secretary to develop and implement within 120 days a comprehensive rural employment plan. Requires such plan to be submitted to the appropriate congressional committees at least 30 days before its implementation.

Directs the Secretary to make grants to nonprofit institutions to establish and operate rural technology development centers. Gives preference to applicants in poorer rural areas.

Directs the Secretary to make and insure loans (12-month, $50,000 principal) through FY 1984 to small farm supply and service businesses adversely affected by the payment-in-kind program. Requires that at least ten percent of business loan appropriations for FY 1983 and FY 1984 be used for such loans.

Extends the maximum repayment period on individual operating loans from seven to 15 years. Requires consolidated or rescheduled loan interest rates to be at the lower of either original or current rates. Requires the Secretary, under specified conditions, to permit a borrower to use the proceeds of a sale of property used to secure an operating loan to make prospective loan payments.

States that disaster emergency loan assistance based on production loss is to be based solely on criteria under such Act, and not on emergency county designation, except that the applicant must establish to the Secretary's satisfaction that the disaster caused such loss. Makes the Secretary's decision final unless judicially overturned.

Authorizes four and three-year subsequent loan extensions for specified categories of borrowers. Subjects such subsequent loans to specified current limitations.

Increases from $25,000 to $50,000 the level of claims which may be delegated to administrative levels below the Administrator of the Farmers Home Administration (FmHA). Eliminates the five-year holding requirement for writing off uncollectible claims.

Permits family farmers to request economic hardship loan repayment and foreclosure deferrals through FY 1984. Requires a showing to the Secretary's satisfaction of: (1) good management; (2) temporary inability to repay because of circumstances beyond one's control; and (3) reasonable chance of repayment. Requires a borrower, at the Secretary's request, to periodically review his or her farm or financial situation with the Secretary, and to resume original payments if appropriate. Makes the Secretary's decisions final unless judicially overturned.

Provides for loan consolidation and rescheduling at the end of such deferral period. States that interest accrued during the deferral period shall become part of the total loan to be repaid. Requires interest rates to be at the lower of either original or current rates. Requires the Secretary to provide notification about such programs to FmHA borrowers.

Revises county committee structure and selection provisions.

Permits a FmHA borrower to make loan payments with the proceeds of oil, gas, or other mineral sales or royalties.

Requires the Secretary to notify FmHA borrowers who receive a foreclosure notice or who are denied additional credit of the circumstances under which the Secretary may make advances to protect the Government's interest in property securing the loan.

Revises provisions regarding real property acquired under such Act or under the Emergency Agricultural Adjustment Act of 1978.

Includes within the definition of "owner-operator" lessee-operators in all States (presently only in Hawaii).

Authorizes specified amounts for FY 1983 operating loans. Sets aside a specified portion for new borrowers.

Requires that at least 20 percent of FY 1983 farm ownership and operating loans be for limited - resource farmers. Requires the Secretary to notify all farmers about such program.

Authorizes FY 1984 through FY 1986 appropriations for: (1) real estate loans; (2) operating loans; (3) disaster emergency loans; (4) water and sewer facility loans; (5) industrial development loans; and (6) community facility loans.

Requires the Secretary to publish in the Federal Register specified loan regulations for immigrant aliens within 60 days.

Requires the Secretary to establish a Guaranteed Farm Loan Program Unit in each State office of the FmHA to administer the various guaranteed farm loans.

Amends the Emergency Agricultural Credit Adjustment Act of 1978 to: (1) require (presently only authorizes) the Secretary to carry out such program; (2) extend program authority through FY 1984; (3) reduce FY 1983 program authorization from $600,000,000 to $300,000,000 (with at least $150,000,000 earmarked for insured loans); and (4) require at least $300,000,000 for FY 1984 insured loans.