A bill to amend the Consolidated Farm and Rural Development Act to improve and streamline the provision of farm credit assistance through the consolidation of the real estate, operating, economic emergency, soil and water, limited resource, recreation, and rural youth loan programs into one Agricultural Adjustment Loan, to reduce paperwork and make the Farmers Home Administration loan process more responsive to farmers' needs, and for other purposes.
Consolidated Agricultural Adjustment Loan Act of 1985 - Amends the Consolidated Farm and Rural Development Act to consolidate ownership, operating, soil and water, limited resource, rural growth, recreation, and economic emergency agricultural loans into a single consolidated agricultural adjustment loan.
Establishes aggregate insured and guaranteed loan limits at $500,000.
Sets forth application and program provisions.
Authorizes the Farmers Home Administration (FmHA) to make a separate home loan to a defaulting farmer whose loan was secured by such home. Sets a maximum repayment period of 25 years.
States that borrowers shall not be required to provide more collateral than is necessary to secure a consolidated loan.
Requires FmHA to hold foreclosed land in a five-year inventory, subject to redemption by the borrower.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
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