Sec. 3. Emergency loans
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Section 321 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1961 ) is amended— by redesignating subsection
(d)as subsection (e); and by inserting after subsection
(c)the following: In this subsection: The term nonindustrial private forest land has the meaning given the term in section 407(a) of the Agricultural Credit Act of 1978 ( 16 U.S.C. 2206(a) ). The term outbreak response measures has the meaning given the term in section 407(e)(1) of the Agricultural Credit Act of 1978 ( 16 U.S.C. 2206(e)(1) ). Notwithstanding any other provision of this subtitle, the Secretary may make an emergency loan to an owner of nonindustrial private forest land to carry out outbreak response measures. The amount of an emergency loan under this subsection shall be not less than 75 percent of the estimated total cost of the outbreak response measures to be carried out to address a pine beetle outbreak. In the case of an owner of nonindustrial private forest land who receives an emergency loan under this subsection and subsequently receives a cost-share payment under section 407(e)(2) of the Agricultural Credit Act of 1978 ( 16 U.S.C. 2206(e)(2) ) with respect to the same pine beetle outbreak on the same land, the owner may, at the option of the owner, apply the amount of the cost-share payment to the remaining principal on the emergency loan. .
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