S. 910: Farm Ownership Improvement Act

The bill titled the Farm Ownership Improvement Act aims to establish a pilot program under the Consolidated Farm and Rural Development Act for farmers and ranchers seeking direct farm ownership loans. Below is a summary of the key components of the bill:

Establishment of the Pilot Program

The bill requires the Secretary of Agriculture to create a pilot program within two years of its enactment. This program will last for five years and will focus on implementing a pre-qualification or pre-approval process for direct farm ownership loans.

Borrower Assessment

As part of the pilot program, the Secretary may utilize various methods, such as financial benchmarking, to evaluate the financial viability of participants. This assessment will help determine their likelihood of being able to repay the loans.

Borrowing Requirements

The bill clarifies that it does not alter any existing borrowing requirements related to direct farm ownership loans.

Outreach Efforts

The Secretary will prioritize outreach to organizations that work closely with beginning farmers or ranchers to ensure they are informed about the pilot program and its benefits.

Evaluation and Reporting

The Secretary is tasked with ongoing evaluation of the pilot program, which includes:

• Submitting annual reports to specific Senate and House committees, detailing the program's performance outcomes.
• Providing assessments and demographic information about program participants.
• Offering recommendations regarding the pilot program's value and whether it should be converted into a permanent program.

Relevant Companies

None found