Sec. 5103. Limitations on amount of farm ownership loans

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Section 305 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1925 ) is amended— by redesignating subsections

(b)and

(c)as subsections

(c)and (d), respectively; in subsection (a)— in the matter preceding paragraph (1), by striking The Secretary and inserting Except as provided in subsection (b), the Secretary ; and in paragraph (2), by striking $600,000, or, in the case of a loan guaranteed by the Secretary, $1,750,000 (increased, beginning with fiscal year 2019 and inserting $850,000, or, in the case of a loan guaranteed by the Secretary, $3,000,000 (increased, beginning with fiscal year 2025 ; and by inserting after subsection

(a)the following: In the case of a direct loan refinancing a guaranteed loan pursuant to section 303(a)(1)(F), the Secretary may make a loan equal to the unpaid indebtedness of the borrower. . Section 305 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1925 ) is amended, in subsection

(d)(as redesignated by subsection (a)(1))— in paragraph (1), by striking of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on July 31 of the immediately preceding fiscal year and inserting of the per acre average United States farm real estate value for the preceding year (as published in the applicable Agricultural Land Values report of the National Agricultural Statistics Service of the Department of Agriculture) ; and in paragraph (2), by striking of such index (as so defined) for the 12-month period that immediately precedes the 12-month period described in paragraph

(1)and inserting of the per acre average United States farm real estate value for the year immediately preceding the year described in paragraph

(1)(as so published) .