Support for Ownership and Investment in Land Act
Sponsored By: Representative Bacon, Don [R-NE-2]
Introduced
Summary
Creates a pilot for USDA pre-approval or pre-qualification of direct farm ownership loans to speed applications and give prospective borrowers clearer upfront certainty. The program aims to streamline loan checks and reduce surprises for applicants.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Pilot pre-approval for farm ownership loans
This bill would test a pre-approval step for USDA direct farm ownership loans. It aims to speed up applications and give borrowers more certainty. USDA could set different eligibility rules for pilot loans, while all other loan rules would still apply. The pilot would start within 1 year of enactment, include an initial and then yearly reports, and end on September 30, 2030. USDA would also consider streamlining required determinations to make reviews faster.
Sponsors & CoSponsors
Sponsor
Bacon, Don [R-NE-2]
NE • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov