Young Farmers Investment Act

Summary

Young Farmers Investment Act - Provides that direct loans may be made for acquiring and improving owner-operated farms without regard to monetary limitations but not in excess of the present market values of the farms as certified by the appropriate county committees. States that the loan shall bear interest at a rate not in excess of 6 percent per annum. Stipulates that an amount equal to not less than 50 percent of the loan may be amortized over a period of forty years. Provides that the balance of any such loan shall become due and payable at the end of such period or extension thereof approved by the Secretary if the farm is then owned and operated by an eligible borrower or at such earlier date as the farm, or any interest therein, is transferred without the consent or approval of the Secretary to an eligible person.

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1 official file

• Introduced in Senate

  summary · EN · 2 May 1974

  Open at official source

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