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Senate Bill 5231
118th Congress(2023-2024)
Farm Ownership Improvement Act
Introduced
Introduced
Introduced in Senate on Sep 25, 2024
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Introduced in Senate 
Sep 25, 2024
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Introduced in Senate(Sep 25, 2024)
Sep 25, 2024
No Linkage Found
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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S. 5231 (Introduced-in-Senate)


118th CONGRESS
2d Session
S. 5231


To require the Secretary of Agriculture to establish a pilot program to implement a pre-qualification or pre-approval process for farmers and ranchers with respect to a direct farm ownership loan under the Consolidated Farm and Rural Development Act, and for other purposes.

IN THE SENATE OF THE UNITED STATES

September 25, 2024

Mr. Welch (for himself, Mr. Hoeven, and Ms. Smith) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To require the Secretary of Agriculture to establish a pilot program to implement a pre-qualification or pre-approval process for farmers and ranchers with respect to a direct farm ownership loan under the Consolidated Farm and Rural Development Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Farm Ownership Improvement Act”.

SEC. 2. Direct farm ownership loan pilot program.

Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 374 (7 U.S.C. 2008i) the following:

“SEC. 375. Direct farm ownership loan pilot program.

“(a) Establishment of pilot program.—Not later than 2 years after the date of enactment of this Act, the Secretary shall establish a 5-year pilot program (referred to in this section as the ‘pilot program’) to implement a pre-qualification or pre-approval process for farmers and ranchers with respect to a direct farm ownership loan under subtitle A.

“(b) Borrower viability and repayment assessment.—In carrying out section 360(b) with respect to a participant in the pilot program, the Secretary, as the Secretary determines to be appropriate, may make use of alternative methods, including financial benchmarking, to reliably evaluate the financial viability of the participant and the likelihood of repayment of the applicable loan.

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

“(d) Outreach priority.—In conducting outreach relating to the pilot program, the Secretary shall prioritize outreach to organizations that have demonstrated engagement with beginning farmers or ranchers.

“(e) Evaluation and reports.—The Secretary shall—

“(1) evaluate the pilot program on an ongoing basis; and

“(2) annually submit to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives a written report that includes—

“(A) a description of the performance outcomes of the pilot program, including stakeholder and participant evaluations, assessments, and participation demographics, that includes the information described in section 5413(b)(1)(A)(iv) of the Agriculture Improvement Act of 2018 (7 U.S.C. 2008x(b)(1)(A)(iv)); and

“(B) a recommendation as to the value of the pilot program, including whether to authorize a permanent program modeled on the pilot program.”.