S. 5231 · 118th Congress
Farm Ownership Improvement Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WelchSponsor2 cosponsors · 1 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill directs the Department of Agriculture (USDA) to establish a pilot program to implement a pre-qualification or pre-approval process for farmers and ranchers for direct farm ownership loans.
What it does: CRS summary · Introduced in Senate · Sep 25, 2024
Farm Ownership Improvement Act
This bill directs the Department of Agriculture (USDA) to establish a pilot program to implement a pre-qualification or pre-approval process for farmers and ranchers for direct farm ownership loans. As background, the Farm Service Agency Direct Loan Program provides Farm Ownership Loans to farmers and ranchers for the purchase and development of farm property.
Under the five-year pilot program, USDA must prioritize outreach to organizations that have demonstrated engagement with beginning farmers or ranchers.
In addition, USDA may make use of alternative methods, including financial benchmarking, to reliably evaluate the financial viability of a participant in the pilot program and the likelihood of repayment of the applicable loan.
USDA must submit an annual report to Congress on the pilot program, which must include a description of the program's performance outcomes and a recommendation as to the pilot program's value.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Farm Ownership Improvement Act
Latest action (Sep 25, 2024): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Policy area: Agriculture and Food · Origin: Senate · Introduced: Sep 25, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.