A bill to permit family farmers who have obtained loans made by the Farmers Home Administration or the Small Business Administration to occupy temporarily the principal residence and adjoining land pledge as collateral for such loans after foreclosure, bankruptcy, or voluntary liquidation.
Family Farm Homestead Protection Act of 1985 - Provides that specified farmers or ranchers who have occupied and worked family homestead property for at least five years may retain possession of such residence and up to ten acres of land for up to five years following any bankruptcy or foreclosure resulting from inability to repay Department of Agriculture or Small Business Administration farm loans.
Requires rental payments (of up to 20 percent of family income) during such occupancy period.
Permits such farmers and ranchers to participate on a limited basis in any conservation set-aside programs. Requires payments received to be applied to reducing outstanding indebtedness.
Provides for Federal guarantees (of at least 70 percent) of privately-held agricultural loans under a similar occupancy framework.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
Committee on Agriculture requested executive comment from Agriculture Department.
Referred to Subcommittee on Agricultural Credit.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line