A bill to clarify the establishment of Farmers Home Administration interest rates on housing, farm, water and waste disposal, and community facility loans.

Requires the interest rate charged by the Farmers Home Administration to housing, farm, water and waste disposal, and community facility borrowers to be the lower of the rates in effect at either the time of loan approval or loan closing. Requires the amount of grant funds associated with such loans to be based on the interest rate in effect at the time of loan approval.