Bill > HR1991

This bill aims to enhance agricultural credit opportunities by modifying several key provisions of the Consolidated Farm and Rural Development Act. The legislation increases the maximum loan amounts for farm ownership loans from $600,000 to $850,000 and guarantees from $1,750,000 to $3,500,000, while similarly raising operating loan limits from $400,000 to $750,000 and guarantees from $1,750,000 to $3,000,000, beginning with fiscal year 2025. The bill changes the method for calculating inflation adjustments from using the Prices Paid By Farmers Index to using a weighted average of farm real estate, cropland, and pasture values. It also modifies the down payment loan program requirements, increases the microloan maximum from $50,000 to $100,000, and introduces a new provision allowing the Farm Service Agency to refinance certain guaranteed loans into direct loans under specific conditions, such as when a loan is considered distressed and has a reasonable chance of future success. Additionally, the bill includes a congressional statement emphasizing the importance of providing credit access to farmers and ranchers and fully funding loan programs to support agricultural producers, particularly beginning farmers and family farms.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/1991/all-info