118 HR 8448 IH: Support for Ownership and Investment in Land Act U.S. House of Representatives 2024-05-17 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 CONGRESS2d SessionH. R. 8448IN THE HOUSE OF REPRESENTATIVESMay 17, 2024Mr. Bacon (for himself and Mr. Nunn of Iowa) introduced the following bill; which was referred to the Committee on AgricultureA BILLTo establish a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A of the Consolidated Farm and Rural Development Act in order to streamline the application process and provide greater certainty to borrowers.

1.

Short title

This Act may be cited as the Support for Ownership and Investment in Land Act or the SOIL Act.

2.

Farmer loan pilot projects

Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D (7 U.S.C. 1983d) the following:

333E.

Prior approval authorization pilot program

(a)

In general

The Secretary, acting through the Administrator of the Farm Service Agency, shall carry out a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A in order to streamline the application process and provide greater certainty to borrowers.(b)

Eligibility requirements

(1)

In general

Notwithstanding any other provision of this Act, the Secretary may establish eligibility requirements for direct farm ownership loans under subtitle A.(2)

Limitation

This section shall not be interpreted to repeal any borrowing requirement imposed under subtitle A.(c)

Report

Not later than 1 year after the date of enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program.(d)

Termination of effectiveness

The authority provided by this section shall terminate effective September 30, 2029.

.