A bill to establish a pilot program to provide guarantees for loans made under the State programs to assist individuals who are qualified, but lack financial resources, to acquire family farms, and for other purposes.
Beginning Farmers Assistance Act of 1983 - Directs the Secretary of Agriculture to establish a program to provide guarantees for State loans to individuals to purchase and operate family farms. Limits the loan guarantee to not more than 90 percent of the principal and interest. Limits such program to 20 State agencies. Requires the Secretary to approve or disapprove State agency applications within 90 days. Provides for termination of State agency participation for noncompliance.
Limits eligibility to individuals who: (1) have a net worth of less than $100,000 and assets having an aggregate value of less than $300,000 in FY 1984; (2) have not purchased or owned a family farm in the ten-year period preceding application for a loan; and (3) are unable to obtain conventional credit.
Requires the Secretary to submit annual reports to the appropriate congressional committees.
Authorizes appropriations for FY 1984 through 1986. Terminates the Secretary's authority to guarantee such loans at the end of FY 1986.
Amends the Consolidated Farm and Rural Development Act to permit the use of real estate loans for loan closing costs and points.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Referred to Subcommittee on Conservation Credit and Rural Development.
Referred to Subcommittee on Forest, Family Farms, and Energy.
Executive Comment Requested from USDA.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line