Amends 7 U.S.C. 1961 by replacing the existing text preceding subsection (a) with new headings and eligibility text, renumbering subparts within subsection (a), striking a sentence (the 5th sentence) in subsection (a), changing owner/operator interest thresholds to at least 50 percent in specified places, and adding new special-rule subparagraphs clarifying eligibility for 'qualified operators', certain operating-only entities, and certain embedded entities (including a 75 percent ownership threshold for embedded-entity direct ownership).

Amends subsection (a) of 7 U.S.C. 1941 by (1) replacing language requiring a "majority" interest with "at least a 50 percent" in the matter preceding subparagraph (A) and in subparagraph (C) of paragraph (1), and (2) replacing paragraph (2) with new special rules that (A) treat "qualified operators, as defined by the Secretary," as meeting the operator requirement of paragraph (1), and (B) provide that an operator entity owned in whole or in part by other entities meets the direct ownership requirement if at least 75 percent of the total ownership interests of the embedded entity or of the other entities is owned, directly or indirectly, by qualified operators of the farm improved or supported with funds under this subtitle.

Amends section 302(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1922(a)) by (1) replacing language requiring a "majority" interest with language requiring "at least a 50 percent" interest in two places in paragraph (1), and (2) striking existing paragraph (2) subparagraphs (A) and (B) and inserting three new subparagraphs (A)–(C) that (A) treat "qualified operators" (as defined by the Secretary) as meeting the operator requirement, (B) allow operating-only entities to meet owner-operator requirements if one or more owner individuals own at least 50 percent (or other percentage the Secretary determines appropriate) of the applicant, and (C) permit embedded entities to meet the direct ownership requirement if at least 75 percent of total ownership interests of the embedded entity (or of the other entities) is owned, directly or indirectly, by qualified operators.