H.R. 8472: Support for Ownership and Investment in Land Act of 2026

This bill, known as the Support for Ownership and Investment in Land Act of 2026, proposes the establishment of a pilot program to speed up the approval process for certain types of farm ownership loans at the Department of Agriculture. Here are the key components of what the bill aims to do:

Expedited Approval Pilot Program

The bill requires the Secretary of Agriculture to create a pilot program that will:

• Provide an expedited qualification and approval process for:
• Direct farm ownership loans
• Guaranteed farm ownership loans that are serviced by a "Preferred Certified Lender" for creditworthy borrowers.

Loan Assessments

In implementing this program, the Secretary will aim to streamline processes necessary for:

• Certifications and assessments related to these loans.
• Making determinations under other related legislative provisions.

Reporting Requirements

The Secretary is also mandated to submit a report to relevant congressional committees:

• The first report is due one year after the enactment of the bill and then annually thereafter.
• The report will cover the actions taken and the results of the pilot program.

End Date for the Program

The authority to carry out this pilot program will end on September 30, 2031.

Conforming Amendments

The bill also includes amendments to existing law concerning timelines for related processes, indicating that those processes should be followed "to the extent practicable."

Overall Purpose

The overall purpose of the bill is to make it easier and quicker for farmers to obtain loans for owning and investing in land, which could potentially boost agricultural activities and land ownership in the farming community.

Relevant Companies

None found.