118 HR 4736 IH: Investing in Rural America Act U.S. House of Representatives 2023-07-19 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 4736IN THE HOUSE OF REPRESENTATIVESJuly 19, 2023Mrs. Fischbach (for herself, Mr. Davis of North Carolina, Mr. Finstad, and Ms. Caraveo) introduced the following bill; which was referred to the Committee on AgricultureA BILLTo amend the Consolidated Farm and Rural Development Act to provide support for facilities providing healthcare, education, child care, public safety, and other vital services in rural areas.

1.

Short title

This Act may be cited as the Investing in Rural America Act.

2.

Authority of Farm Credit System institutions to provide financial support for essential rural community facilities projects

(a)

In general

Section 306(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a)) by adding at the end of the following: (27)

Support for essential rural community facilities projects

(A)

In general

In order to make available capital to develop, build, maintain, improve, or provide other support for essential community facilities in our Nation’s rural communities, institutions chartered and operating under title I, II, or III of the Farm Credit Act of 1971 may provide financing and technical assistance for projects eligible for financing under this subsection for community facilities, subject to subparagraph (B). (B)

Limitations

An institution referred to in subparagraph (A) shall not provide financing under subparagraph (A)— (i)in an amount that exceeds 15 percent of the total assets of the institution; or (ii)unless the institution— (I)has offered, under reasonable terms and conditions acceptable to the borrower involved, an interest in the financing to at least 1 lending institution not referred to in subparagraph (A); and (II)has reported the offer to the Farm Credit Administration. (C)

Annual reports to Congress

Within 1 year after the date of the enactment of this paragraph, and annually thereafter, the Farm Credit Administration shall provide a report on the activities undertaken under this paragraph by Farm Credit System institutions during the period covered by the report, including through partnerships between such an institution and other lending institutions, and a copy of each report provided pursuant to subparagraph (B)(ii)(II) during the period, which shall also be posted on the website of the Farm Credit Administration.. (b)

Effective date

The amendment made by subsection (a) shall take effect on October 1, 2023.