H.R. 8448 — Introduced in House

I 118th CONGRESS 2d Session H. R. 8448 IN THE HOUSE OF REPRESENTATIVES May 17, 2024Mr. Bacon (for himself and Mr. Nunn of Iowa) introduced the following bill; which was referred to the Committee on Agriculture A BILL To establish a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A of the Consolidated Farm and Rural Development Act in order to streamline the application process and provide greater certainty to borrowers. 1. Short title This Act may be cited as the Support for Ownership and Investment in Land Act or the SOIL Act. 2. Farmer loan pilot projects Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D (7 U.S.C. 1983d) the following: 333E. Prior approval authorization pilot program (a) In general The Secretary, acting through the Administrator of the Farm Service Agency, shall carry out a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A in order to streamline the application process and provide greater certainty to borrowers. (b) Eligibility requirements (1) In general Notwithstanding any other provision of this Act, the Secretary may establish eligibility requirements for direct farm ownership loans under subtitle A. (2) Limitation This section shall not be interpreted to repeal any borrowing requirement imposed under subtitle A. (c) Report Not later than 1 year after the date of enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program. (d) Termination of effectiveness The authority provided by this section shall terminate effective September 30, 2029. .