Bill > HR8472

This bill, titled the "Support for Ownership and Investment in Land Act of 2026," establishes a pilot program within the Department of Agriculture to speed up the process for farmers to qualify for and receive farm ownership loans. Specifically, it aims to expedite both direct farm ownership loans, which are loans made directly by the Department of Agriculture, and guaranteed farm ownership loans, which are loans made by private lenders but guaranteed by the Department, particularly when serviced by a "Preferred Certified Lender." A Preferred Certified Lender is an entity that has been approved by the Department to service these guaranteed loans, implying they meet certain standards for processing and managing them. The program will streamline assessments needed for loan certifications and evaluations, but it will not waive any other legal requirements for these loans, only the timing of the application process. The Secretary of Agriculture will be required to report annually on the pilot program's progress and results, and the authority granted by this section will end on September 30, 2031.