H.R. 4156: SOIL Act

This bill, known as the Support for Ownership and Investment in Land Act or SOIL Act, aims to create a pilot program that would simplify the application process for direct farm ownership loans. Here’s a breakdown of what it would do:

Establishing a Pilot Program

The bill mandates the Secretary of Agriculture to initiate a pilot program within one year of the bill's enactment. This program will focus on developing a pre-approval or pre-qualification process specifically for loans aimed at purchasing farmland.

Streamlining Applications

The primary goal of the pilot program is to streamline the application process for these loans. By introducing a pre-approval or pre-qualification system, the program seeks to provide greater certainty to borrowers, which may encourage more individuals to apply for loans to purchase land.

Eligibility Requirements

The Secretary may set up alternative eligibility requirements for applicants seeking direct farm ownership loans through this pilot program. While these alternative requirements can differ from the standard rules, all other existing provisions of the related subtitle must still be met by the borrowers.

Loan Assessments

As part of the pilot program, the Secretary will also look into ways to streamline the assessments related to these loans. This could involve revising how the loan qualifications are evaluated, making the process more efficient for applicants.

Reporting and Evaluation

Within one year of the program's start, and annually after that, the Secretary is required to report to congressional agriculture committees on the program's activities and outcomes. This will provide oversight and enable Congress to evaluate the effectiveness of the pilot initiative.

Term of the Program

The authority to run this pilot program is set to terminate on September 30, 2030. This establishes a time frame for implementation and evaluation of its success.

Relevant Companies

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