A bill to stabilize farm credit, provide financial assistance to certain borrowers who participate in agricultural commodity programs for meeting increases in real estate mortgage loan payments resulting from increases in interest rates, to help protect farmland values, to reduce surplus commodity production and promote conservation, and for other purposes.

Summary

Directs the Secretary of Agriculture to pay interest subsidies to qualified crop producers participating in agricultural commodity programs for the 1985 crop year who experience financial difficulties as a result of real estate mortgage loan rate increases. Limits subsidies to interest payable during 1985. Directs the Secretary to lease farmland that lenders have acquired through foreclosure or abandonment if such leasing is necessary to protect farmland values, reduce surplus production, and promote conservation. Prohibits the Secretary from selling farmland it holds in States where farmland values have decreased. Permits the Secretary to lease back such farmland on a crop share basis to the original owner with an option to buy when values stabilize. Directs the Secretary, upon request by a qualified lender, to guarantee 90 percent of the unpaid balance of qualified loans in agricultural communities that are experiencing severe economic stress.

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1 official file

• Introduced in House

  summary · EN · 13 June 1984

  Open at official source

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