,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cicf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #bf1 #bjbf,mr4
 ,tub]ville 7= himself & ,mr4 ,hu/$7    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,agriculture1 ,nutrition1 & ,=e/ry  ,a  
,,bill  ,to am5d ! ,consolidat$ ,f>m &  
,rural ,developm5t ,act to exp&         
eligibility = gu>ante$ & direct loans to
 individuals or entity memb]s t hold at 
lea/ a #ej p]c5t int]e/ & t are or w    
become qualifi$ op]ators ( ! f>m real   
e/ate acquir$1 improv$1 or support$ )   
f>m own]%ip1 op]at+1 or em]g5cy loans1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,,usda ,loan       
,mod]nization ,act4  #b4 ,p]sons        
eligible = real e/ate loans ,section    
#cjb7;a7 ( ! ,consolidat$ ,f>m & ,rural 
,developm5t ,act 7#g ,u4,s4,c4          
#aibb7;a77 is am5d$-- 7#a7 9 p>agraph   
7#a7-- 7,a7 9 ! matt] prec$+ subp>agraph
 7,a71 by /rik+ a majority & ins]t+ at  
lea/ a #ej p]c5t2 &  7,b7 9 subp>agraph 

7,c71 by /rik+ a majority & ins]t+ at   
lea/ a #ej p]c5t2 &  7#b7 9 p>agraph    
7#b71 by /rik+ subp>agraphs 7,a7 & 7,b7 
& ins]t+ ! foll[+3  7,a7 ,eligibility ( 
qualifi$ op]ators ,qualifi$ op]ators1 z 
def9$ by ! ,secret>y1 %all be consid]$  
to meet ! op]ator requirem5t ( p>agraph 
7#a74  7,b7 ,eligibility ( c]ta9        
op]at+-only entities ,an applicant t is 
or w become only ! op]ator ( f>m real   
e/ate acquir$1 improv$1 or support$ )   
funds "u ?is subtitle %all be consid]$  
to meet ! own]-op]ator requirem5ts (    
p>agraph 7#a7 if #a or m ( ! individuals
 :o is an own] ( ! f>m real e/ate owns  
at lea/ #ej p]c5t 7or su* o!r p]c5tage z
 ! ,secret>y det]m9es is appropriate7 ( 
! applicant4  7,c7 ,eligibility ( c]ta9 
emb$d$ entities ,an entity t is an      
own]-op]ator describ$ 9 p>agraph 7#a71  
or an op]ator describ$ 9 subp>agraph    
7,b7 ( ?is p>agraph t is own$1 9 :ole or
 9 "p1 by #a or m o!r entities1 %all be 
consid]$ to meet ! direct own]%ip       
requirem5t impos$ "u p>agraph 7#a7 if at

 lea/ #ge p]c5t ( ! total own]%ip       
int]e/s ( ! emb$d$ entity1 or ( ! o!r   
entities1 is own$1 directly or          
indirectly1 by qualifi$ op]ators ( ! f>m
 acquir$1 improv$1 or support$ ) funds  
"u ?is subtitle4  4  #c4 ,p]sons        
eligible = op]at+ loans ,section        
#caa7;a7 ( ! ,consolidat$ ,f>m & ,rural 
,developm5t ,act 7#g ,u4,s4,c4          
#aida7;a77 is am5d$-- 7#a7 9 p>agraph   
7#a7-- 7,a7 9 ! matt] prec$+ subp>agraph
 7,a71 by /rik+ a majority & ins]t+ at  
lea/ a #ej p]c5t2 &  7,b7 9 subp>agraph 
7,c71 by /rik+ a majority & ins]t+ at   
lea/ a #ej p]c5t2 &  7#b7 by am5d+      
p>agraph 7#b7 to read z foll[s3  7#b7   
,special rules  7,a7 ,eligibility (     
qualifi$ op]ators ,qualifi$ op]ators1 z 
def9$ by ! ,secret>y1 %all be consid]$  
to meet ! op]ator requirem5t ( p>agraph 
7#a74  7,b7 ,eligibility ( c]ta9        
op]at+-only entities ,an entity t is an 
op]ator describ$ 9 p>agraph 7#a7 t is   
own$1 9 :ole or 9 "p1 by o!r entities1  
%all be consid]$ to meet ! direct       

own]%ip requirem5t impos$ "u p>agraph   
7#a7 if at lea/ #ge p]c5t ( ! total     
own]%ip int]e/s ( ! emb$d$ entity1 or ( 
! o!r entities1 is own$1 directly or    
indirectly1 by qualifi$ op]ators ( ! f>m
 improv$ or support$ ) funds "u ?is     
subtitle4  4  #d4 ,p]sons eligible =    
em]g5cy loans ,section #cba ( !         
,consolidat$ ,f>m & ,rural ,developm5t  
,act 7#g ,u4,s4,c4 #aifa7 is am5d$--    
7#a7 9 subsection 7a7-- 7,a7 9 ! fir/   
s5t5ce-- 7i7 by /rik+ 7,a7 & ins]t+ 7i72
  7ii7 by /rik+ 7,b7 & ins]t+ 7ii72     
7iii7 by /rik+ 7#a7 & ins]t+ 7,a72  7iv7
 by /rik+ 7#b7 & ins]t+ 7,b72 &  7v7 by 
/rik+ a majority ea* place x appe>s &   
ins]t+ at lea/ a #ej p]c5t2  7,b7 9 !   
second s5t5ce1 by /rik+ ?is subsection &
 ins]t+ ?is p>agraph2  7,c7 by /rik+ !  
fif? s5t5ce2 &  7,d7 by add+ at ! end ! 
foll[+3  7#b7 ,special rules  7,a7      
,eligibility ( qualifi$ op]ators        
,qualifi$ op]ators1 z def9$ by !        
,secret>y1 %all be consid]$ to meet !   
op]ator requirem5t ( p>agraph 7#a74     

7,b7 ,eligibility ( c]ta9 op]at+-only   
entities ,an applicant t is or w become 
only ! op]ator ( f>m real e/ate acquir$1
 improv$1 or support$ ) funds "u ?is    
subtitle %all be consid]$ to meet !     
own]-op]ator requirem5ts ( p>agraph 7#a7
 if #a or m ( ! individuals :o is an    
own] ( ! real e/ate owns at lea/ #ej    
p]c5t 7or su* o!r p]c5tage z ! ,secret>y
 det]m9es is appropriate7 ( ! applicant4
  7,c7 ,eligibility ( c]ta9 emb$d$      
entities ,an entity t is an own]-op]ator
 describ$ 9 p>agraph 7#a71 or an op]ator
 describ$ 9 subp>agraph 7,b7 ( ?is      
p>agraph t is own$1 9 :ole or 9 "p1 by  
#a or m o!r entities1 %all be consid]$  
to meet ! direct own]%ip requirem5t     
impos$ "u p>agraph 7#a7 if at lea/ #ge  
p]c5t ( ! total own]%ip int]e/s ( !     
emb$d$ entity1 or ( ! o!r entities1 is  
own$1 directly or indirectly1 by        
qualifi$ op]ators ( ! f>m acquir$1      
improv$1 or support$ ) funds "u ?is     
subtitle4  2 &  7#b7 by /rik+ ! section 
designation & all t foll[s ?r\gh %all   

make & insure 9 ! fir/ s5t5ce ( ! matt] 
prec$+ p>agraph 7#b7 ( subsection 7a7 & 
ins]t+ ! foll[+3  #cba4 ,eligibility =  
loans  7a7 ,9 g5]al  7#a7 ,eligibility  
requirem5ts ,! ,secret>y %all make &    
insure  4