118 HR 9795 IH: Helping Optimize Markets and Encourage Generational Resilience through Ownership, Workmanship, and Nurturing Soil Health Act U.S. House of Representatives 2024-09-25 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. 9795IN THE HOUSE OF REPRESENTATIVESSeptember 25, 2024Ms. Perez introduced the following bill; which was referred to the Committee on AgricultureA BILLTo authorize a pilot program for the making of 90-year, zero interest loans for the purchase of real estate to be used for agricultural production for 90 years.
1.
Short title
This Act may be cited as the Helping Optimize Markets and Encourage Generational Resilience through Ownership, Workmanship, and Nurturing Soil Health Act or the HOMEGROWN Soil Health Act .
2.
Pilot program of 90-year, zero interest loans for the purchase of real estate to be used for agricultural production for 90 years
(a)
In general
The Secretary of Agriculture (in this section referred to as the Secretary) shall—(1)conduct a pilot program under which loans are made by the Secretary to eligible farmers for the purchase of eligible cropland; and(2)monitor the productivity of eligible cropland purchased pursuant to the pilot program.(b)
Definitions
In this section:(1)
Eligible farmer
The term eligible farmer means a farmer who—(A)has participated in the business operations of a farm or ranch for not less than 10 years; or(B)has other acceptable experience, as determined by the Secretary.(2)
Eligible land
The term eligible cropland—(A)means private or tribal land on which fruits or vegetables, tree nuts, dried fruits, horticulture, or nursery crops (including floriculture) are grown;(B)includes other land incidental to land described in paragraph (1), if the Secretary determines that including the other land is necessary for the efficient administration of a loan to be made under this section;(C)not more than 2 percent of the surface of which is impervious; and(D)the total area of which does not exceed 160 acres.(c)
Location of loan recipients
The Secretary shall make loans under this section to recipients in 5 regions of the United States selected by the Secretary, and the loan recipients in each region shall all be located within a single radius of 100 miles.(d)
Zero-Interest loan
A loan under this section shall not bear interest.(e)
Loan term
A loan under this section shall be repayable during a term of 90 years.(f)
Loan condition
As a condition of making a loan under this section, the Secretary shall require the borrower to use the cropland in a manner described in subsection (b)(2)(A) throughout the 90-year period that begins with the date the loan is made, and if that condition is violated, to repay the Secretary an amount equal to 101 percent of the fair market value of the cropland at the time of the violation.(g)
Regulations
The Secretary may prescribe such regulations as are necessary to carry out this section.(h)
Effective date
This Act shall take effect 90 days after the date of the enactment of this section.(i)
Termination
The authority provided by this section shall expire on the date that is 5 years after the effective date of this Act.