1985 Emergency Farm Credit Relief Act

1985 Emergency Farm Credit Relief Act - Amends the Agricultural Act of 1949 to require the Secretary of Agriculture to make advance (recourse) price support loans available to producers participating in the 1985 wheat and feed grain programs. Makes up to 50 percent of such anticipated crop eligible for advance payments.

Sets advance wheat loan rates at between $3.80 and $3.00 per bushel based on production levels.

Sets advance corn loan rates at between $2.60 and $2.00 per bushel based on production levels.

Permits loan conversion to nonrecourse status after harvest.

Amends the Consolidated Farm and Rural Development Act to provide agricultural lenders with a 90 percent Federal guarantee in exchange for interest rates of not more than two and one half percent above the Federal Reserve discount rate. Sets the Farmers Home Administration loan cash flow requirement at 100 percent.

Makes borrowers eligible for debt set-asides if they can show that such deferral will result in a positive cash flow providing 100 percent of the amount needed to repay indebtedness.

Authorizes additional appropriations for FY 1985 guarantees.