Farm Ownership Improvement Act

senate

house

president

Legislation Details

Establishes a pilot program for pre-qualification or pre-approval of direct farm ownership loans for farmers and ranchers.
The Secretary of Agriculture is required to implement this program within two years of enactment.
The pilot program will last for five years.
Allows the Secretary to use alternative methods, such as financial benchmarking, to assess borrower viability and repayment likelihood.
Clarifies that the pilot program does not repeal existing borrowing requirements.
Prioritizes outreach to organizations that engage with beginning farmers and ranchers.
Requires ongoing evaluation of the pilot program by the Secretary.
Mandates annual reports to Congress detailing performance outcomes, stakeholder evaluations, and recommendations regarding the program’s future.

Establishes a pilot program for pre-qualification or pre-approval of direct farm ownership loans for farmers and ranchers.
The Secretary of Agriculture is required to implement this program within two years of enactment.
The pilot program will last for five years.
Allows the Secretary to use alternative methods, such as financial benchmarking, to assess borrower viability and repayment likelihood.
Clarifies that the pilot program does not repeal existing borrowing requirements.
Prioritizes outreach to organizations that engage with beginning farmers and ranchers.
Requires ongoing evaluation of the pilot program by the Secretary.
Mandates annual reports to Congress detailing performance outcomes, stakeholder evaluations, and recommendations regarding the program’s future.