A bill to amend section 331A of the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to forgo foreclosure of certain loans and to make an adjusted loan schedule available to the borrower providing for equitable repayment terms consistent with the borrower's prospective cash flow.

Summary

Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to forgo foreclosure of specified agricultural loans and make an adjusted loan schedule available to a qualifying borrower providing for equitable repayment terms consistent with the borrower's prospective cash flow. Requires qualifying borrowers to have followed good management practices, to have suffered losses through economic or natural conditions beyond their control, and to be reasonably likely to be able to make installment payments if normal economic and natural conditions exist. Limits such program to family-sized farms. Terminates such authority on September 30, 1987.

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1 official file

• Introduced in House

  summary · EN · 8 August 1986

  Open at official source

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