Sec. 5503. Financing for essential rural community facilities
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Title IV of the Farm Credit Act of 1971 ( 12 U.S.C. 2153 et seq. ) is amended by adding at the end the following: In this section: The term essential community facility means a public improvement that— is owned by 1 or more— Indian Tribes or Tribal organizations; towns, cities, counties, or other political subdivisions of States, Indian Tribes, or Tribal organizations; or nonprofit organizations, including Native Hawaiian Organizations (as defined in section 6207 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7517 )); and is needed for the orderly development of a rural community.
The term essential community facility includes a community center, a library, a firehouse, a healthcare facility, a senior living facility, a childcare facility, an education facility, and a transportation facility. The term essential community facility may include, at the determination of the Farm Credit Administration, a multi-use facility that provides services, including healthcare services, senior living services, childcare services, education services, or transportation services, in the proportion that— the use of the applicable facility to provide such services; bears to all other uses of the facility.
The term Indian Tribe has the meaning given the term in section 4 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5304 ). The term rural community means any area other than an area described in clause
(i)or
(ii)of section 343(a)(13)(A) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1991(a)(13)(A) ). The term Tribal organization has the meaning given the term in section 4 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5304 ). In order to make available private capital to develop, build, maintain, improve, or provide related equipment or other support for essential community facilities in rural communities, Farm Credit System institutions chartered and operating under title I, II, or III may provide financing and technical assistance for essential community facilities. A Farm Credit System institution shall not provide financing under this section in an aggregate amount that exceeds 15 percent of the total of all outstanding loans of the Farm Credit System institution. A Farm Credit System institution shall not provide financing under this section unless the Farm Credit System institution has— offered, under reasonable terms and conditions acceptable to the owner of the essential community facility involved, an interest in the financing to at least 1 nongovernmental lending institution that is not chartered and operating under this Act; and reported that offer, including the terms and conditions of the offer, to the Farm Credit Administration. In offering an interest in the applicable financing to a nongovernmental lending institution under subparagraph (A)(i), the Farm Credit System institution shall give priority to community banks located in the service area of the essential community facility being financed. Not later than 2 years after the date of enactment of this section, and annually thereafter, the Farm Credit Administration shall submit to Congress a report on the activities undertaken pursuant to this section by Farm Credit System institutions during the period covered by the report, including activities undertaken through partnerships between Farm Credit System institutions and other nongovernmental lending institutions. The Farm Credit Administration shall publish on the website of the Administration a copy of each report submitted to Congress under paragraph (1). .
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Sec. 5503
Financing for essential rural community facilities
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