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Code · BILL · 115th Congress · H.R. 2 (EAS) — 115 HR 2 EAS: Agriculture Improvement Act of 2018 · Sec. 12624

Sec. 12624. Loans to purchasers of land with undivided interest and no administrative authority

679 words·~3 min read·/bill/115/hr/2/eas/section-12624

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Section 333B(h) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1983b(h) ) (as amended by section 5301) is amended by striking 2023 and inserting 2024 . Subtitle D of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1981 et seq.) is amended by inserting after section 333D the following: The Secretary may conduct pilot projects of limited scope and duration that are consistent with subtitles A, B, C, and this subtitle to evaluate processes and techniques that may improve the efficiency and effectiveness of the programs carried out under subtitles A, B, C, and this subtitle.
The Secretary shall— not less than 60 days before the date on which the Secretary initiates a pilot project under subsection (a), submit notice of the proposed pilot project to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate ; and consider any recommendations or feedback provided to the Secretary in response to the notice provided under paragraph (1). . Subtitle A of title III of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922 et seq.) is amended by adding at the end the following:
The Secretary may make or guarantee loans to eligible entities described in subsection
(b)using amounts made available for farm ownership loans under this subtitle so that the eligible entities may relend the funds to individuals and entities for the purposes described in subsection (c). Entities eligible for loans and loan guarantees described in subsection
(a)are cooperatives, credit unions, and nonprofit organizations with— certification under section 1805.201 of title 12, Code of Federal Regulations (or successor regulations) to operate as a lender; experience assisting socially disadvantaged farmers and ranchers (as defined in section 2501(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(a) )) or limited resource or new and beginning farmers and ranchers, rural businesses, cooperatives, or credit unions, including experience in making and servicing agricultural and commercial loans; and the ability to provide adequate assurance of the repayment of a loan. The proceeds from loans made or guaranteed by the Secretary pursuant to subsection
(a)shall be relent by eligible entities for projects that assist heirs with undivided ownership interests to resolve ownership and succession on farmland that has multiple owners. In making loans under subsection (a), the Secretary shall give preference to eligible entities— with not less than 10 years of experience serving socially disadvantaged farmers and ranchers; and in States that have adopted a statute consisting of an enactment or adoption of the Uniform Partition of Heirs Property Act, as approved and recommended for enactment in all States by the National Conference of Commissioners on Uniform State Laws in 2010, that relend to owners of heirs property (as defined in that Act). The following terms and conditions shall apply to loans made or guaranteed under this section: The interest rate at which intermediaries may borrow funds under this section shall be equal to the rate at which farm ownership loans under this subtitle are made. The rates, terms, and payment structure for borrowers to which intermediaries lend shall be— determined by the intermediary in an amount sufficient to cover the cost of operating and sustaining the revolving loan fund; and clearly and publicly disclosed to qualified ultimate borrowers. Borrowers to which intermediaries lend shall be— required to complete a succession plan as a condition of the loan; and be offered the opportunity to borrow sufficient funds to cover costs associated with the succession plan under subparagraph
(A)and other associated legal and closing costs. Not later than 1 year after the date of enactment of this section, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report describing the operation and outcomes of the program under this section, with recommendations on how to strengthen the program. The Secretary shall carry out this section using funds otherwise made available to the Secretary. .
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Sec. 12624
Loans to purchasers of land with undivided interest and no administrative authority
U.S.C.§ 1983b
U.S.C.§ 1981
U.S.C.§ 1922
U.S.C.§ 2279
Cites 4Cited by 0 across 0 sources
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