A bill to amend the Consolidated Farm and Rural Development Act to improve the disposition of real property acquired under such Act, and for other purposes.

Amends the Consolidated Farm and Rural Development Act to provide that the Farmers Home Administration (FmHA) shall offer inventory-held farmland for sale: (1) to farmers for the first two years; (2) if unsold at the end of such two-year period, then to State and local agencies and nonprofit organizations for an additional one-year period (such land to remain in agricultural use and to be conveyed to a farmer at the earliest practicable time); and (3) at the end of such three-year period, on the open market.

Authorizes FmHA to sell or grant conservation easements separately from the underlying property.