This bill provides statutory authority for and expands the Farm Service Agency's (FSA's) Increasing Land, Capital, and Market Access Program (the Increasing Land Access Program) for farmers, ranchers, and forest owners.

Specifically, the FSA must make competitive grants to, enter into cooperative agreements with, or provide other capital support to eligible entities (e.g., state or local governments, Indian tribes, nonprofit organizations, and institutions of higher education) to provide direct assistance to farmers, ranchers, and forest owners who are (1) historically underserved, or (2) operating in high-poverty areas. The bill specifically excludes from assistance any foreign-based or foreign-owned corporation.

The direct assistance may include payments to intended beneficiaries to acquire real property (including air rights and water rights), secure clear title on an heirs' property farmland, and improve or remediate land, water, and soil. Eligible entities may also use grants (1) to provide direct assistance to intended beneficiaries in assessing, purchasing, acquiring, or retaining eligible land; (2) for activities designed to support farm establishment and long-term viability; and (3) to provide technical assistance.

The FSA must establish a stakeholder committee and, in collaboration with the committee, develop a process for evaluating proposals and distributing funds to eligible entities. In developing this process, the FSA must consider perspectives from diverse stakeholders, diverse geographic distribution, and diverse farming models, practices, and purposes.