Sec. 206. Eligibility for assistance
276 words·~1 min read·
/bill/118/s/96/is/section-206·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Beginning on the date of conveyance of a land grant under section 203(a)(2), the eligible Black individual that receives the land grant shall be eligible for a direct operating loan under subtitle B of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1941 et seq. ), notwithstanding any borrower eligibility requirements under subparagraph
(B)or
(D)of section 311(a)(1) of that Act ( 7 U.S.C. 1941(a)(1) ) for such a loan. During the 5-year period beginning on the date of enactment of this Act, any socially disadvantaged farmer or rancher shall be eligible for a direct operating loan under subtitle B of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1941 et seq. ), notwithstanding any borrower eligibility requirements under subparagraph
(B)or
(D)of section 311(a)(1) of that Act ( 7 U.S.C. 1941(a)(1) ) for such a loan. In the case of an operating loan under paragraph
(1)or (2)— the interest rate shall be zero percent for the first 7 years of the term of the loan; and the Secretary of Agriculture shall defer payments for the first 24 months. Beginning on the date of conveyance of a land grant under section 203(a)(2), the eligible Black individual that receives the land grant shall be eligible for a direct loan under section 502 of the Housing Act of 1949 ( 42 U.S.C. 1472 ), notwithstanding any borrower eligibility requirements for such a loan, for the construction or improvement of a single family home on the conveyed land. There are authorized to be appropriated such sums as are necessary to carry out this section for each of fiscal years 2023 through 2032.
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources