Sec. 403. Additional credit assistance
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Section 303(a)(1) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1923(a)(1) ) is amended by striking subparagraph
(E)and inserting the following: refinancing indebtedness. . Section 312(a) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1942(a) ) is amended by striking paragraph
(9)and inserting the following: refinancing the indebtedness of a borrower; or . Section 373 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2008h ) is amended— in subsection (b)— in paragraph (1), in the matter preceding subparagraph (A), by inserting and subsection
(d)after paragraph
(2); and in paragraph (2)(A)— by striking clause (i); in clause (ii), by striking chapters 11, 12, or 13 of Title 11 of the and inserting chapter 11, 12, or 13 of title 11, ; and by redesignating clauses
(ii)and
(iii)as clauses
(i)and (ii), respectively; and by adding at the end the following: The Secretary shall not restrict the eligibility of a borrower for a farm ownership or operating loan under subtitle A or B based on a previous debt write-down or other loss to the Secretary. . Section 346(b)(1) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1994(b)(1) ) is amended— in the matter preceding subparagraph (A), by striking $10,000,000,000 for each of fiscal years 2019 through 2023, of which, for each fiscal year— and inserting $20,000,000,000 for fiscal year 2023, of which— ; and by striking subparagraphs
(A)and
(B)and inserting the following: $10,000,000,000 shall be for farm ownership loans under subtitle A; and $10,000,000,000 shall be for operating loans under subtitle B. . In this subsection, the term covered borrower means a Black farmer or rancher that— submitted a claim under the settlement agreement and consent decree in Pigford v. Glickman, 185 F.R.D. 82 (D.D.C. 1999); and as of the date of enactment of this Act, has indebtedness on a loan made or guaranteed by the Secretary. The Secretary shall— forgive the indebtedness of a covered borrower on a loan made by the Secretary; and require a lender of a loan guaranteed by the Secretary for a covered borrower to forgive the indebtedness of that covered borrower on that loan. The Secretary shall provide to a covered borrower a payment equal to the amount, if any, of payments of tax refunds, payments under the old-age, survivors, and disability insurance benefits program established under title II of the Social Security Act ( 42 U.S.C. 401 et seq. ), and any other funds of the covered borrower that were seized after the date of the settlement agreement and consent decree described in paragraph (1)(A) in partial or full satisfaction of debt that, if the payments or other funds had not been seized, would have been forgiven under this subsection. The Secretary shall provide to a covered borrower a grant equal to 30 percent of the amount of the debt forgiven with respect to the covered borrower under this subsection. Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 331F ( 7 U.S.C. 1981f ) the following: Notwithstanding any other provision of law, a tenant in common shall be eligible for a direct or guaranteed farm ownership loan under subtitle A, a direct or guaranteed operating loan under subtitle B, or a direct or guaranteed emergency loan under subtitle C if the tenant in common submits to the Secretary an agreement— entered into by each person that owns a property interest in or to the applicable property; and that includes— clear identification of— the owners of the property, as of the date on which the agreement is submitted; and the percentages of ownership of each owner described in clause (i); identification of the property and a description of the proposed use of the property; a process for payment of expenses and application and disbursement of any proceeds or profits among the owners of the property; appointment of a lead responsible person for farm management; a dispute resolution process; and a buy-out provision that allows an heir of the property to sell the property interest of the heir in and to the property. .
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Sec. 403
Additional credit assistance
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