Family Farm Financing Act

Summary

Family Farm Financing Act - Title I: Pilot Program - Authorizes the Secretary of Agriculture, through the Farmers Home Administration, to develop and carry out a pilot program in 30 counties of the United States under which the Secretary shall: (1) purchase any farm or ranch for sale meeting specified requirements; (2) lease it to a qualified individual for a term of two to five years, renewable for up to another five years; and (3) sell such farm or ranch to such individual, upon approval of application, for either 75 percent of the fair market value, or the Secretary's purchase price, whichever is larger. Authorizes the Secretary to provide 30- year loans to any applicants unable to obtain a purchase loan from any commercial lender. Title II: Family Farm and Ranch Advisory Council - Establishes a Family Farm and Ranch Advisory Council to advise the Secretary regarding the administration of the pilot program, and whether, after a trial period of five years, the program should become permanent. Title III: General Provisions - Defines terms used in this Act, and authorizes annual appropriations not in excess of $20,000,000 for fiscal year 1979 and onward.

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1 official file

• Introduced in House

  summary · EN · 6 March 1978

  Open at official source

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