Forestry Loan Act

Summary

Forestry Loan Act - Directs the Secretary of Agriculture to establish a program of insured or guaranteed loans that will provide annual payments to eligible owners of private forest land. Declares eligible for such program any private individual, group, Indian tribe or other native group, association, partnership, corporation, or other legal entity who owns 5,000 acres or less of private forest land capable of producing crops of industrial wood; provided, the applicant is unable to obtain sufficient credit elsewhere. Requires borrowers to prepare, keep current, and adhere to an individual forest management plan, developed in cooperation with and approved by the State forester (or equivalent official). Limits eligibility for loans to borrowers whose total indebtedness against real property does not exceed $400,000, or in the case of a guaranteed loan, $500,000. Authorizes the Secretary to guarantee up to 90 percent of the principal and interest on any loan made by specified kinds of banks and lending institutions. Sets a repayment term of up to 40 years, allowing deferral of principal and interest payments for up to 15 years. Lets the interest rate be set by lender and borrower.

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1 official file

• Introduced in House

  summary · EN · 9 August 1978

  Open at official source

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