Bill > HR6779

This bill, titled the "USDA Loan Modernization Act," aims to expand eligibility for direct loans provided under the Consolidated Farm and Rural Development Act, which is a program offering financial assistance for agricultural and rural development. Specifically, it modifies the requirements for farm ownership, operating, and emergency loans to allow individuals or members of an entity to qualify if they hold at least a 50 percent interest and are, or will become, the primary operators of the farm real estate being financed. The bill also introduces provisions to ensure that "qualified operators," as defined by the Secretary of Agriculture, are recognized as meeting the operator requirements, and it clarifies eligibility for certain operating-only entities and "embedded entities" (entities owned by other entities) to ensure that individuals who are the actual operators of the farm ultimately benefit from these loans, even if the loan is structured through a more complex ownership arrangement.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/6779/all-info