What US Consolidated Farm and Rural Development Act (7 USC ch 50): Farm Real Estate, Operating and Emergency Loans requires
The Consolidated Farm and Rural Development Act (7 U.S.C. ch. 50, sections 1921 to 2009dd) is the principal federal statute authorizing direct and guaranteed agricultural credit and rural development lending, administered by the Secretary of Agriculture through the Farm Service Agency. The real estate loan provisions set out who is eligible and for what: section 1922 provides that the Secretary may make and insure farm ownership loans to farmers and ranchers, including entities controlled by farmers and ranchers engaged primarily and directly in farming or ranching, section 1923 sets the purposes, including acquiring or enlarging a farm or ranch, making capital improvements, and paying loan closing costs, and section 1925 limits the amount of farm ownership loans. Section 1926 authorizes loans for the development, use, and control of water and for the installation or improvement of drainage or waste-disposal facilities. The operating loan provisions in section 1941 set eligibility for farmers and ranchers engaged primarily and directly in farming or ranching, section 1942 sets the purposes, and section 1943 limits the amount. Section 1961 authorizes emergency loans to farmers and ranchers who are unable to obtain sufficient credit elsewhere, typically following a natural disaster. Section 1981 addresses the administering agency for the loan programs and section 1987 provides for debt adjustment and credit counseling. The Act is the statutory foundation of federal farm and rural credit.
Pillar: Agriculture & Agritech · Authority: US Congress / Department of Agriculture (Farm Service Agency) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title7/html/USCODE-2022-title7-chap50.htm
SHA-256 integrity: b81b1891843f11db0783bafed822f1408a60820ecbf17285e7b19cd321f36777
Primary Citations — 8 traced to source
- Consolidated Farm and Rural Development Act, 7 U.S.C. 1922 - persons eligible for real estate (farm ownership) loans.
- Consolidated Farm and Rural Development Act, 7 U.S.C. 1923 - purposes of real estate loans.
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