Sec. 6402. Expanding access to credit for rural communities
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Section 343(a)(13) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1991(a)(13) ) is amended— in subparagraph (B)— in the heading, by striking ; and and guaranteed in the text— by striking and guaranteed ; and by striking (1), (2), and
(24)and inserting
(1)and
(2); and in subparagraph (C)— by striking and guaranteed ; and by striking (21), and
(24)and inserting and
(21). Section 306(a)(24) of such Act ( 7 U.S.C. 1926(a)(24) ) is amended by adding at the end the following: The Secretary shall prioritize water and waste facility projects under this paragraph in rural areas with a population of not more than 10,000 people. Of the funds made available to carry out this paragraph for community facility loan guarantees for a fiscal year the following amounts shall be reserved for projects in rural areas with a population of not more than 20,000 inhabitants: 100 percent of the first $200,000,000 so made available; 50 percent of the next $200,000,000 so made available; and 25 percent of all amounts exceeding $400,000,000 so made available, except that, to the extent that the Secretary demonstrates that the funds so reserved are not needed to finance a community facility project in such a rural area, the Secretary may use the funds for other community facility projects in accordance with this paragraph. .
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