Bill > HR4156

This bill establishes a pilot program designed to create a pre-approval or pre-qualification process for direct farm ownership loans administered by the U.S. Department of Agriculture. The program, which will begin within one year of the bill's enactment and continue until September 30, 2030, aims to simplify the loan application process and provide more certainty for farmers seeking land ownership loans. Under the pilot program, the Secretary of Agriculture may establish alternative eligibility requirements for these loans while still maintaining the core provisions of existing farm ownership loan regulations. The Secretary will be required to submit annual reports to the House and Senate Agriculture Committees detailing the program's implementation and results. The key innovation is the ability to streamline loan assessments and create a more predictable pathway for farmers to secure financing for land purchases, potentially making farm ownership more accessible. The bill is officially known as the Support for Ownership and Investment in Land Act (SOIL Act), highlighting its focus on supporting agricultural land acquisition.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/4156/all-info