§ 1994. Maximum amounts for loans authorized; long-term cost projections

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1978

   Agricultural Act of 1961

   Pub. L. 87–128 title III § 346 · 75 Stat. 294

   Enacted · 7 U.S.C. § 1994

   Pub. L. 87–128, title III, § 346, as added Pub. L. 95–334, title I, § 125, Aug. 4, 1978, 92 Stat. 428

   Source evidence

   Code source credit
   Pub. L. 87–128, title III, § 346, as added Pub. L. 95–334, title I, § 125, Aug. 4, 1978, 92 Stat. 428

2. 1980

   Pub. L. 96–438 § 4 · 94 Stat. 1871

   1. Amended · 7 U.S.C. § 1994

      Pub. L. 96–438 designated existing provisions as subsec. (a)

   2. Added · 7 U.S.C. § 1994

      Pub. L. 96–438 added subsecs. (b) and (c)

   Source evidence

   Code amendment note
   Pub. L. 96–438 designated existing provisions as subsec. (a) and added subsecs. (b) and (c).

   Enacted provision · exact public law section
   Sec. 4. lending limits under the consolidated farm and rural development act Section 346 of the Consolidated Farm and Rural 7 USC 1994. Development Act is amended by inserting “(a)” after “Sec. 346” and adding at the end thereof new subsections (b) and (c) as follows: “(b) (1) Loans for each of the fiscal years 1980, 1981, and 1982 are authorized to be insured, or made to be sold and insured, or guaranteed under the Agricultural Credit Insurance Fund as follows: “(A) real estate loans, $1,615,000,000, including $1,500,000,000 for farm ownership loans of which $1,400,000,000 may be for insured loans and $100,000,000 may be for guaranteed loans with authority to transfer 25 per centum of such amounts between categories, and 100,000,000 for water development, use, and conservation loans of which $90,000,000 may be for insured loans and $10,000,000 may be for guaranteed loans with authority to transfer 25 per centum of such amounts between categories; “(B) operating loans, $1,200,000,000 of which $1,150,000,000 may be for insured loans and $50,000,000 may be for guaranteed loans with authority to transfer 25 per centum of such amounts between categories; and “(C) emergency insured and guaranteed loans in amounts necessary to meet the needs resulting from natural disasters. Not more than 75 per centum of the insured loans authorized for farm ownership purposes and not more than 75 per centum of the insured loans authorized for farm operating purposes may be for applicants other than low-income, limited-resource borrowers. “(2) Loans for each of the fiscal years 1980, 1981, and 1982 are authorized to be insured, or made to be sold and insured, or guaranteed under the Rural Development Insurance Fund as follows: “(A) insured water and sewer facility loans, $1,000,000,000; “(B) industrial development loans, $1,500,000,000 of which $100,000,000 may be for insured loans and $1,400,000,000 may be for guaranteed loans with authority to transfer amounts between categories; and “(C) insured community facility loans, $500,000,000. “(c) The Secretary shall develop long-term cost projections for loan program authorizations required under subsection (a) of this section. Each such projection shall include analyses of (1) the long-term costs of the lending levels that the Secretary requests to be authorized under subsection (a) of this section and (2) the long-term costs for increases in lending levels beyond those requested to be authorized, based on increments of $10,000,000 or Submittal to congressional committees. such other levels as the Secretary deems appropriate. Long-term cost projections for the three-year period beginning with fiscal year 1983 and each three-year period thereafter shall be submitted to the House Committee on Agriculture, the House Committee on Appropriations, the Senate Committee on Agriculture, Nutrition, and Forestry, and the Senate Committee on Appropri-ations at the time the requests for authorizations for those periods are submitted to Congress. Not later than fifteen days after the date of enactment of this subsection the Secretary shall submit to such committees long-term cost projections covering authorized lending levels for the loan programs for fiscal years 1981 and 1982.”.

3. 1981

   Pub. L. 97–35 title I § 164 · 95 Stat. 357

   Added · 7 U.S.C. § 1994(d)

   Pub. L. 97–35 added subsec. (d)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 97–35 added subsec. (d).

   Enacted provision · exact public law section
   Sec. 164. insured loan limits Section 346 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994) is amended by adding at the end thereof a new subsection (d) as follows: “(d) Notwithstanding any contrary provisions of subsection (b) of this section, for fiscal year 1982, loans are authorized to be insured, or made to be sold and insured, as follows: “(1) From the Agricultural Credit Insurance Fund— “(A) insured real estate loans for farm ownership purposes, $700,000,000, and “(B) insured operating loans, $1,325,000,000. Not less than 20 per centum of the insured loans authorized for farm ownership purposes and not less that 20 per centum of the insured loans authorized for farm operating purposes shall be for low-income, limited-resource applicants. “(2) From the Rural Development Insurance Fund— “(A) insured water and waste disposal loans, $300,000,000, and “(B) insured community facility loans, $130,000,000.”.

4. 1984

   Emergency Agricultural Credit Act of 1984

   Pub. L. 98–258 title VI § 607 · 98 Stat. 130

   Added · 7 U.S.C. § 1994(e)

   Pub. L. 98–258 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 98–258 added subsec. (e).

   Enacted provision · exact public law section
   Sec. 607. limited resource borrowers Section 346 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994) is amended by adding at the end thereof the following new subsection: “(e) (1) Notwithstanding any other provision of law, not less than 20 per centum of the loans for farm ownership purposes under 7 USC 1922. 7 USC 1941. subtitle A of this title, and not less than 20 per centum of the loans for farm operating purposes under subtitle B of this title, authorized to be insured, or made to be sold and insured, from the Agricultural Credit Insurance Fund during fiscal year 1984 shall be for low-income, limited-resource borrowers. “(2) The Secretary shall provide notification to farm borrowers under this title, as soon as practicable after the date of enactment of Ante, p. 138. the Emergency Agricultural Credit Act of 1984 and in the normal course of loan making and loan servicing operations, of the provisions of this title relating to low-income, limited-resource borrowers and the procedures by which persons may apply for loans under the low-income, limited-resource borrower program.”.

5. 1985

   Food Security Act of 1985

   Pub. L. 99–198 § 1317(a) · 99 Stat. 1354

   1. Amended · 7 U.S.C. § 1994(b)

      Pub. L. 99–198, § 1317(a), amended subsec. (b) generally

   2. Substituted · 7 U.S.C. § 1994(b)

      Pub. L. 99–198, § 1317(a), substituting provisions setting maximum amounts for loans under the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund for each of fiscal years ending September 30, 1986, through September 30, 1988, for provisions setting such amounts for each of fiscal years 1980, 1981, and 1982

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 99–198, § 1317(a), amended subsec. (b) generally, substituting provisions setting maximum amounts for loans under the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund for each of fiscal years ending September 30, 1986, through September 30, 1988, for provisions setting such amounts for each of fiscal years 1980, 1981, and 1982.

   Enacted provision · exact public law section
   (a) Subsection (b) of section 346 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)) is amended to read as follows: “(b) (1) (A) For each of the fiscal years ending September 30, 1986, through September 30, 1988, real estate and operating loans may be insured, made to be sold and insured, or guaranteed in accordance with subtitles A and B, respectively, from the Agricultural Credit Insurance Fund established under section 309 in an amount equal to 7 USC 1929. $4,000,000,000, of which not less than $520,000,000 shall be for farm ownership loans under subtitle A. “(B) Subject to subparagraph (O, such amount shall be apportioned as follows: “(i) For the fiscal year ending September 30, 1986— “(I) $2,000,000,000 for insured loans, of which not less than $260,000,000 shall be for farm ownership loans; and “(II) $2,000,000,000 for guaranteed loans, of which not less than $260,000,000 shall be for guarantees of farm ownership loans. “(ii) For the fiscal year ending September 30, 1987— “(I) $1,500,000,000 for insured loans, of which not less than $195,000,000 shall be for farm ownership loans; and “(II) $2,500,000,000 for guaranteed loans, of which not less than $325,000,000 shall be for guarantees of farm ownership loans. “(iii) For the fiscal year ending September 30, 1988— “(I) $1,000,000,000 for insured loans, of which not less than $130,000,000 shall be for farm ownership loans; and “(II) $3,000,000,000 for guaranteed loans, of which not less than $390,000,000 shall be for guarantees of farm ownership loans. “(C) For each of the fiscal years referred to in subparagraph (A), the Secretary may transfer not more than 25 percent of the amounts authorized for guaranteed loans to amounts authorized for insured loans. “(D) (i) For each of the fiscal years 1986, 1987, and 1988, emergency loans may be made or insured or guaranteed in accordance with subtitle C from the Agricultural Credit Insurance Fund as follows: $1,300,000,000 for fiscal year 1986, $700,000,000 for fiscal year 1987, and $600,000,000 for fiscal year 1988. “(E) Loans for each of the fiscal years 1986, 1987, and 1988 are authorized to be insured, or made to be sold and insured, or guaranteed under the Rural Development Insurance Fund as follows: “(i) Insured water and waste disposal facility loans, $340,000,000. “(ii) Industrial development loans, $250,000,000. “(iii) Insured community facility loans, $115,000,000.”.

6. 1985

   Food Security Act of 1985

   Pub. L. 99–198 § 1317 · 99 Stat. 1354

   1. Struck · 7 U.S.C. § 1994(d); 7 U.S.C. § 1994(e)

      Pub. L. 99–198, § 1317, struck out subsec. (d) which authorized special amounts for fiscal year 1982

   2. Redesignated · 7 U.S.C. § 1994(d); 7 U.S.C. § 1994(e)

      Pub. L. 99–198, § 1317, redesignated subsec. (e) as (d), and in par. (1) substituted “25 per centum” for “20 per centum” wherever appearing and “each fiscal year” for “fiscal year 1984”

   Source evidence

   Code amendment note
   Subsecs. (d), (e). Pub. L. 99–198, § 1317, struck out subsec. (d) which authorized special amounts for fiscal year 1982, redesignated subsec. (e) as (d), and in par. (1) substituted “25 per centum” for “20 per centum” wherever appearing and “each fiscal year” for “fiscal year 1984”.

   Enacted provision · exact public law section
   Sec. 1317. authorization of loan amounts (a) Subsection (b) of section 346 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)) is amended to read as follows: “(b) (1) (A) For each of the fiscal years ending September 30, 1986, through September 30, 1988, real estate and operating loans may be insured, made to be sold and insured, or guaranteed in accordance with subtitles A and B, respectively, from the Agricultural Credit Insurance Fund established under section 309 in an amount equal to 7 USC 1929. $4,000,000,000, of which not less than $520,000,000 shall be for farm ownership loans under subtitle A. “(B) Subject to subparagraph (O, such amount shall be apportioned as follows: “(i) For the fiscal year ending September 30, 1986— “(I) $2,000,000,000 for insured loans, of which not less than $260,000,000 shall be for farm ownership loans; and “(II) $2,000,000,000 for guaranteed loans, of which not less than $260,000,000 shall be for guarantees of farm ownership loans. “(ii) For the fiscal year ending September 30, 1987— “(I) $1,500,000,000 for insured loans, of which not less than $195,000,000 shall be for farm ownership loans; and “(II) $2,500,000,000 for guaranteed loans, of which not less than $325,000,000 shall be for guarantees of farm ownership loans. “(iii) For the fiscal year ending September 30, 1988— “(I) $1,000,000,000 for insured loans, of which not less than $130,000,000 shall be for farm ownership loans; and “(II) $3,000,000,000 for guaranteed loans, of which not less than $390,000,000 shall be for guarantees of farm ownership loans. “(C) For each of the fiscal years referred to in subparagraph (A), the Secretary may transfer not more than 25 percent of the amounts authorized for guaranteed loans to amounts authorized for insured loans. “(D) (i) For each of the fiscal years 1986, 1987, and 1988, emergency loans may be made or insured or guaranteed in accordance with subtitle C from the Agricultural Credit Insurance Fund as follows: $1,300,000,000 for fiscal year 1986, $700,000,000 for fiscal year 1987, and $600,000,000 for fiscal year 1988. “(E) Loans for each of the fiscal years 1986, 1987, and 1988 are authorized to be insured, or made to be sold and insured, or guaranteed under the Rural Development Insurance Fund as follows: “(i) Insured water and waste disposal facility loans, $340,000,000. “(ii) Industrial development loans, $250,000,000. “(iii) Insured community facility loans, $115,000,000.”. (b) Section 346(e)(1) of such Act is amended by— (1) striking out “20” each place it appears and inserting in lieu thereof “25”; and (2) striking out “fiscal year 1984” and inserting in lieu thereof “each fiscal year”. (c) Section 346 of such Act (as amended by subsection (b)) is amended— (1) striking out subsection (d); and (2) redesignating subsection (e) as subsection (d).

7. 1990

   Agricultural Reconciliation Act of 1990

   Pub. L. 101–508 § 1202(a) · 104 Stat. 1388

   1. Amended · 7 U.S.C. § 1994(b)

      Pub. L. 101–508, § 1202(a), amended subsec. (b) generally

   2. Substituted · 7 U.S.C. § 1994(b)

      Pub. L. 101–508, § 1202(a), substituting present provisions for provisions relating to maximum amounts for loans under the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund for fiscal years 1986 through 1988

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 101–508, § 1202(a), amended subsec. (b) generally, substituting present provisions for provisions relating to maximum amounts for loans under the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund for fiscal years 1986 through 1988.

   Enacted provision · exact public law section
   (a) In General.— Subsection (b) of section 346 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)) is amended to read as follows: “(b) (1) For each of the fiscal years 1991 through 1995, real estate and operating loans may be insured, made to be sold and insured, or guaranteed in accordance with subtitles A and B, respectively, from the Agricultural Credit Insurance Fund established under section 309 in amounts equal to the following levels: “(A) For fiscal year 1991, $4,175,000,000, of which not less than $827,000,000 shall be for farm ownership loans under subtitle A. “(B) For fiscal year 1992, $4,343,000,000, of which not less than $861,000,000 shall be for farm ownership loans under subtitle A “(C) For fiscal year 1993, $4,516,000,000, of which not less than $895,000,000 shall be for farm ownership loans under subtitle A. “(D) For fiscal year 1994, $4,697,000,000, of which not less than $931,000,000 shall be for farm ownership loans under subtitle A. “(E) For fiscal year 1995, $4,885,000,000, of which not less than $968,000,000 shall be for farm ownership loans under subtitle A “(2) Subject to paragraph (3), such amounts set forth in paragraph (1) shall be apportioned as follows: “(A) For fiscal year 1991— “(i) $1,019,000,000 for insured loans, of which not less than $83,000,000 shall be for farm ownership loans; and “(ii) $3,156,000,000 for guaranteed loans, of which not less than $744,000,000 shall be for guarantees of farm ownership loans. “(B) For fiscal year 1992— “(i) $1,060,000,000 for insured loans, of which not less than $87,000,000 shall be for farm ownership loans; and “(ii) $3,283,000,000 for guaranteed loans, of which not less than $774,000,000 shall be for guarantees of farm ownership loans. “(C) For fiscal year 1993— “(i) $1,102,000,000 for insured loans, of which not less than $90,000,000 shall be for farm ownership loans; and “(ii) $3,414,000,000 for guaranteed loans, of which not less than $805,000,000 shall be for guarantees of farm ownership loans. “(D) For fiscal year 1994— “(i) $1,147,000,000 for insured loans, of which not less than $94,000,000 shall be for farm ownership loans; and “(ii) $3,550,000,000 for guaranteed loans, of which not less than $837,000,000 shall be for guarantees of farm ownership loans. “(E) For fiscal year 1995— “(i) $1,192,000,000 for insured loans, of which not less than $97,000,000 shall be for farm ownership loans; and “(ii) $3,693,000,000 for guaranteed loans, of which not less than $871,000,000 shall be for guarantees of farm ownership • loans. “(3) Notwithstanding any other provision of law: “(A) The Secretary shall— “(i) reduce the amounts otherwise made available for insured loans by— “(I) $482,000,000, for fiscal year 1991; “(II) $614,000,000, for fiscal year 1992; “(III) $760,000,000, for fiscal year 1993; “(IV) $859,000,000, for fiscal year 1994; and “(V) $907,000,000, for fiscal year 1995; and “(ii) use the funds made available from such reductions in each fiscal year to guarantee loans under section 351. “(B) The total amount of insured loans shall bear the same ratio to the amount of insured farm ownership loans as the dollar amount specified in paragraph (2)(A)(i) for insured loans bears to the dollar amount specified therein for insured farm ownership loans. “(C) If more than 70 percent of the number of loans guaranteed under section 351 in a fiscal year have been guaranteed to persons to whom the Secretary had not previously made an insured loan under this Act, in lieu of the dollar amounts specified in subparagraph (A) for the immediately succeeding fiscal year, the dollar amounts which shall apply shall each be the product obtained by multiplying— “(i) such dollar amount; by “(ii) the quotient of— “(I) the number of persons provided with guaranteed loans under section 351 in the fiscal year to whom the Secretary had not previously made an insured or a guaranteed loan under this Act; divided by “(II) the total number of persons provided with guaranteed loans under section 351 in the fiscal year. “(4) Notwithstanding subsection (a), the Secretary shall, as soon as practicable after the date of enactment of this subsection, make, insure, or guarantee loans at the levels authorized by this subsection for each of the fiscal years 1991 through 1995.”.

8. 1990

   Rural Economic Development Act of 1990

   Pub. L. 101–624 § 2388(i) · 104 Stat. 3359

   Redesignated · 7 U.S.C. § 1994(b)

   Pub. L. 101–624, § 2388(i), which amended subsec. (b), in par. (1)(B), by striking “subparagraph (C)” and inserting “paragraph (3)”; in par. (1)(C), by striking “subparagraph (A)” and inserting “paragraph (1)”; by redesignating pars. (1)(A), (B), (C), (D)(i), and (E) as (1), (2), (3), (4), and (5), respectively; in par. (2), by redesignating cls. (i), (ii), and (iii) as subpars. (A), (B), and (C), respectively; in subpars. (A) to (C) of par. (2), by redesignating subcls. (I) and (II) as cls. (i) and (ii), respectively; and in par. (5), by redesignating cls. (i), (ii), and (iii) as subpars. (A), (B), and (C), respectively, was repealed by Pub. L. 102–237, § 702(i). See Construction of 1990 Amendment note below

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 101–624, § 2388(i), which amended subsec. (b), in par. (1)(B), by striking “subparagraph (C)” and inserting “paragraph (3)”; in par. (1)(C), by striking “subparagraph (A)” and inserting “paragraph (1)”; by redesignating pars. (1)(A), (B), (C), (D)(i), and (E) as (1), (2), (3), (4), and (5), respectively; in par. (2), by redesignating cls. (i), (ii), and (iii) as subpars. (A), (B), and (C), respectively; in subpars. (A) to (C) of par. (2), by redesignating subcls. (I) and (II) as cls. (i) and (ii), respectively; and in par. (5), by redesignating cls. (i), (ii), and (iii) as subpars. (A), (B), and (C), respectively, was repealed by Pub. L. 102–237, § 702(i). See Construction of 1990 Amendment note below.

   Enacted provision · exact public law section
   (i) Section 346(b) Amendments.— Section 346(b) of such Act (7 U.S.C. 1994(b)) is amended— (1) in paragraph (1)(B), by striking “subparagraph (C)” and inserting “paragraph (3)”; (2) in paragraph (1)(C), by striking “subparagraph (A)” and inserting “paragraph (1)”; (3) by redesignating paragraphs (1) (A), (B), (C), (D)(i), and (E) as paragraphs (1), (2), (3), (4), and (5), respectively; (4) in paragraph (2) (as so redesignated by paragraph (3) of this subsection), by redesignating clauses (i), (ii), and (iii) as subparagraphs (A), (B), and (C), respectively; (5) in each of the subparagraphs redesignated as such by paragraph (4) of this subsection, by redesignating subclauses (I) and (II) as clauses (i) and (ii), respectively; and (6) in paragraph (5) (as so redesignated by paragraph (3) of this subsection), by redesignating clauses (i), (ii), and (iii) as subparagraphs (A), (B), and (C), respectively.

9. 1991

   Pub. L. 102–237 § 702(i) · 105 Stat. 1818

   Repealed · 7 U.S.C. § 1994(b)

   Pub. L. 102–237, § 702(i), repealed Pub. L. 101–624, § 2388(i). See 1990 Amendment note below

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 102–237, § 702(i), repealed Pub. L. 101–624, § 2388(i). See 1990 Amendment note below.

   Enacted provision · exact public law section
   (i) Repeal of Section 2388(i).— Subsection (i) of section 2388 of the Food, Agriculture, Conservation, and Trade Act of 1990 (104 Stat. 4053) is hereby repealed and the Consolidated Farm and Rural 7 USC 1994. Development Act shall be applied and administered as if the amendments made by such subsection had never been enacted.

10. 1991

    Pub. L. 102–237 § 701(h)(1)(F) · 105 Stat. 1818

    Substituted · 7 U.S.C. § 1994(b)(3)(C)

    Pub. L. 102–237, § 701(h)(1)(F), substituted “this chapter” for “this Act” in two places

    Source evidence

    Code amendment note
    Subsec. (b)(3)(C). Pub. L. 102–237, § 701(h)(1)(F), substituted “this chapter” for “this Act” in two places.

    Enacted provision · exact public law section
    (F) Section 346(b)(3)(C) (7 U.S.C. 1994(b)(3)(C)).

11. 1992

    Agricultural Credit Improvement Act of 1992

    Pub. L. 102–554 § 20(b) · 106 Stat. 4142

    Inserted · 7 U.S.C. § 1994(b)(2)

    Pub. L. 102–554, § 20(b), inserted sentence at end

    Source evidence

    Code amendment note
    Subsec. (b)(2). Pub. L. 102–554, § 20(b), inserted sentence at end.

    Enacted provision · exact public law section
    (b) Portions of Farm Ownership Loan Guarantee Funds Targeted to Beginning Farmers or Ranchers.— Section 346(b)(2) (7 U.S.C. 1994(b)(2)) is amended by adding at the end the following new sentence: “Not less than 25 percent of the amounts appro-priated for guarantees of farm ownership loans for each of the fiscal years 1994, 1995, 1996, and 1997 shall be reserved by the Secretary during the first 6 months of the respective fiscal year for guarantees of farm ownership loans to beginning farmers or ranchers.”.

12. 1992

    Agricultural Credit Improvement Act of 1992

    Pub. L. 102–554 § 20(c) · 106 Stat. 4142

    Added · 7 U.S.C. § 1994(b)(3)(D)(G)

    Pub. L. 102–554, § 20(c), (d), added subpars. (D) to (G)

    Source evidence

    Code amendment note
    Subsec. (b)(3)(D) to (G). Pub. L. 102–554, § 20(c), (d), added subpars. (D) to (G).

    Enacted provision · exact public law section
    (c) Farm Ownership Loans.— (1) Percentage of insured farm ownership loan funds reserved for beginning farmers or ranchers.— Section 7 USC 1994. 346(b)(3) is amended by adding at the end the following new subparagraph: “(D) To the extent that it is not inconsistent with an exercise of authority under section 355, in expending funds available for insured farm ownership loans— “(i) during fiscal year 1994, the Secretary shall reserve not less than 55 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers; “(ii) during fiscal year 1995, the Secretary shall reserve not more than 65 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers; and “(iii) during each of fiscal years 1996 and thereafter, the Secretary may reserve not less than 65 percent and not more than 70 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers.”. (2) Funds reserved for down payment loan program.— Section 346(b)(3) (as amended by paragraph (1) of this subsection) is further amended by adding at the end the following new subparagraph: “(E) To the extent that it is not inconsistent with an exercise of authority under section 355, the Secretary shall reserve not less than 60 percent of the amounts reserved for qualified beginning farmers or ranchers under subparagraph (D) for any fiscal year for down payment loans under section 310E.”. (3) Certain unobligated down payment loan program funds available for any type of insured farm ownership loans for beginning farmers and ranchers.— Section 346(b)(3) (as amended by paragraph (2) of this subsection) is further amended by adding at the end the following new subparagraph: “(F) To the extent that it is not inconsistent with an exercise of authority under section 355, to the maximum extent practicable, any funds reserved for down payment loans under section 310E for a fiscal year by reason of subparagraph (E) that are not obligated by the end of the second quarter of the fiscal year shall be available during the third quarter of the fiscal year for any type of insured farm ownership loans to beginning farmers and ranchers.”.

13. 1992

    Agricultural Credit Improvement Act of 1992

    Pub. L. 102–554 § 20(a) · 106 Stat. 4142

    Added · 7 U.S.C. § 1994(b)(5); 7 U.S.C. § 1994(b)(6)

    Pub. L. 102–554, § 20(a), (e), added pars. (5) and (6)

    Source evidence

    Code amendment note
    Subsec. (b)(5), (6). Pub. L. 102–554, § 20(a), (e), added pars. (5) and (6).

    Enacted provision · exact public law section
    (a) Farm Operating Loans for Beginning Farmers and Ranchers.— Section 346(b) (7 U.S.C. 1994(b)) is amended by adding at the end the following new paragraph: “(5) (A) In expending funds available for insured operating loans under subtitle B, including loans made under section 318— “(i) during the first 6 months of fiscal year 1994, the Secretary shall reserve not less than 30 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers; “(ii) during the first 6 months of each of fiscal years 1995 and 1996, the Secretary shall reserve not less than 40 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers; and “(iii) during the first 6 months of each of fiscal years 1997 and thereafter, the Secretary may reserve not more than 50 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning fanners or ranchers. “(B) In each fiscal year described in subparagraph (A), with regard to the funds not reserved under subparagraph (A), a qualified beginning farmer or rancher may apply for insured operating loans, but shall not receive any preference as a result of status as a qualified beginning farmer or rancher.”.

14. 1996

    Federal Agriculture Improvement and Reform Act of 1996

    Pub. L. 104–127 § 641(1) · 110 Stat. 888

    Struck · 7 U.S.C. § 1994(a)

    Pub. L. 104–127, § 641(1), in second sentence, struck out “with or without authority for the Secretary to transfer amounts between such categories within a given program for more effective administration” before period at end

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 104–127, § 641(1), in second sentence, struck out “with or without authority for the Secretary to transfer amounts between such categories within a given program for more effective administration” before period at end.

    Enacted provision · exact public law section
    (1) in the second sentence of subsection (a), by striking “with or without” and all that follows through “administration”; and

15. 1996

    Federal Agriculture Improvement and Reform Act of 1996

    Pub. L. 104–127 § 641(2) · 110 Stat. 888

    1. Added · 7 U.S.C. § 1994(b)

       Pub. L. 104–127, § 641(2), added subsec. (b)

    2. Struck · 7 U.S.C. § 1994(b)

       Pub. L. 104–127, § 641(2), struck out former subsec. (b), which set forth maximum amounts for direct and guaranteed loans under the Agricultural Credit Insurance Fund for fiscal years 1991 to 1995

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 104–127, § 641(2), added subsec. (b) and struck out former subsec. (b), which set forth maximum amounts for direct and guaranteed loans under the Agricultural Credit Insurance Fund for fiscal years 1991 to 1995.

    Enacted provision · exact public law section
    (2) by striking subsection (b) and inserting the following: “(b) Authorization for Loans.— “(1) In general.— The Secretary may make or guarantee loans under subtitles A and B from the Agricultural Credit Insurance Fund provided for in section 309 in not more than the following amounts: “(A) Fiscal year 1996.— For fiscal year 1996, $3,085,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,500,000,000 shall be for guaranteed loans, of which— “(I) $600,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $1,900,000,000 shall be for guarantees of operating loans under subtitle B. “(B) Fiscal year 1997.— For fiscal year 1997, $3,165,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,580,000,000 shall be for guaranteed loans, of which— “(I) $630,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $1,950,000,000 shall be for guarantees of operating loans under subtitle B. “(C) Fiscal year 1998.— For fiscal year 1998, $3,245,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,660,000,000 shall be for guaranteed loans, of which— “(I) $660,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $2,000,000,000 shall be for guarantees of operating loans under subtitle B. “(D) Fiscal year 1999.— For fiscal year 1999, $3,325,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,740,000,000 shall be for guaranteed loans, of which— “(I) $690,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $2,050,000,000 shall be for guarantees of operating loans under subtitle B. “(E) Fiscal year 2000.— For fiscal year 2000, $3,435,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,850,000,000 shall be for guaranteed loans, of which— “(I) $750,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $2,100,000,000 shall be for guarantees of operating loans under subtitle B. “(F) Fiscal year 2001.— For fiscal year 2001, $3,435,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,850,000,000 shall be for guaranteed loans, of which— “(I) $750,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $2,100,000,000 shall be for guarantees of operating loans under subtitle B. “(G) Fiscal year 2002.— For fiscal year 2002, $3,435,000,000, of which— “(i) $585,000,000 shall be for direct loans, of which— “(I) $85,000,000 shall be for farm ownership loans under subtitle A; and “(II) $500,000,000 shall be for operating loans under subtitle B; and “(ii) $2,850,000,000 shall be for guaranteed loans, of which— “(I) $750,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(II) $2,100,000,000 shall be for guarantees of operating loans under subtitle B. “(2) Beginning farmers and ranchers.— “(A) Direct loans.— “(i) Farm ownership loans.— “(I) In general.— Of the amounts made available under paragraph (1) for direct farm ownership loans, the Secretary shall reserve 70 percent for qualified beginning farmers and ranchers. “(II) Down payment loans.— Of the amounts reserved for a fiscal year under subclause (I), the Secretary shall reserve 60 percent for the down payment loan program under section 310E until April 1 of the fiscal year. “(ii) Operating loans.— Of the amounts made available under paragraph (1) for direct operating loans, the Secretary shall reserve for qualified beginning farmers and ranchers— “(I) for each of fiscal years 1996 through 1998, 25 percent; “(II) for fiscal year 1999, 30 percent; and “(III) for each of fiscal years 2000 through 2002, 35 percent. “(iii) Funds reserved until September 1.— Except as provided in clause (i)(II), funds reserved for qualified beginning farmers or ranchers under this subparagraph for a fiscal year shall be reserved only until September 1 of the fiscal year. “(B) Guaranteed loans.— “(i) Farm ownership loans.— Of the amounts made available under paragraph (1) for guarantees of farm ownership loans, the Secretary shall reserve 25 percent for qualified beginning farmers and ranchers. “(ii) Operating loans.— Of the amounts made available under paragraph (1) for guarantees of operating loans, the Secretary shall reserve 40 percent for qualified beginning farmers and ranchers. “(iii) Funds reserved until April 1.— Funds reserved for qualified beginning farmers or ranchers under this subparagraph for a fiscal year shall be reserved only until April 1 of the fiscal year. “(C) Reserved funds for all qualified beginning farmers and ranchers.— If a qualified beginning farmer or rancher meets the eligibility criteria for receiving a direct or guaranteed loan under section 302, 310E, or 311, the Secretary shall make or guarantee the loan if sufficient funds reserved under this paragraph are available to make or guarantee the loan. “(3) Transfer for down payment loans.— “(A) In general.— Notwithstanding subsection (a), subject to subparagraph (B)— “(i) beginning on August 1 of each fiscal year, the Secretary shall use available unsubsidized guaranteed farm operating loan funds to provide direct farm ownership loans approved by the Secretary to qualified beginning farmers and ranchers under the down payment loan program established under section 310E, if sufficient direct farm ownership loan funds are not otherwise available; and “(ii) beginning on September 1 of each fiscal year, Effective date. the Secretary shall use available unsubsidized guaranteed farm operating loan funds to provide direct farm ownership loans approved by the Secretary to qualified beginning farmers and ranchers, if sufficient direct farm ownership loan funds are not otherwise available. “(B) Limitation.— The Secretary shall limit the transfer of funds under subparagraph (A) so that all guaranteed farm operating loans that have been approved, or will be approved, by the Secretary during the fiscal year will be made to the extent of available amounts. “(4) Transfer for credit sales of farm inventory property.— “(A) In general.— Notwithstanding subsection (a), subject to subparagraphs (B) and (C), beginning on September 1 of each fiscal year, the Secretary may use available funds made available under subtitle C for the fiscal year to fund the credit sale of farm real estate in the inventory of the Secretary. “(B) Supplemental appropriations.— The transfer authority provided under subparagraph (A) shall not apply to any funds made available to the Secretary for any fiscal year under an Act making supplemental appropriations. “(C) Limitation.— The Secretary shall limit the transfer of funds under subparagraph (A) so that all emergency disaster loans that have been approved, or will be approved, by the Secretary during the fiscal year will be made to the extent of available amounts.”.

16. 2002

    Pub. L. 107–171 § 5311 · 116 Stat. 134

    Amended · 7 U.S.C. § 1994(b)(1)

    Pub. L. 107–171, § 5311, reenacted heading without change and amended text generally. Prior to amendment, text related to guaranteed loans under subchapters I and II of this chapter from the Agricultural Credit Insurance Fund provided for in section 1929 of this title for fiscal years 1996 to 2002

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 107–171, § 5311, reenacted heading without change and amended text generally. Prior to amendment, text related to guaranteed loans under subchapters I and II of this chapter from the Agricultural Credit Insurance Fund provided for in section 1929 of this title for fiscal years 1996 to 2002.

    Enacted provision · exact public law section
    SEC. 5311. LOAN AUTHORIZATION LEVELS. Section 346(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(1)) is amended to read as follows: “(1) In general.— The Secretary may make or guarantee loans under subtitles A and B from the Agricultural Credit Insurance Fund provided for in section 309 for not more than $3,796,000,000 for each of fiscal years 2003 through 2007, of which, for each fiscal year— “(A) $770,000,000 shall be for direct loans, of which— “(i) $205,000,000 shall be for farm ownership loans under subtitle A; and “(ii) $565,000,000 shall be for operating loans under subtitle B; and “(B) $3,026,000,000 shall be for guaranteed loans, of which— “(i) $1,000,000,000 shall be for guarantees of farm ownership loans under subtitle A; and “(ii) $2,026,000,000 shall be for guarantees of operating loans under subtitle B.”.

17. 2002

    Pub. L. 107–171 § 5312 · 116 Stat. 134

    Substituted · 7 U.S.C. § 1994(b)(2)(A)(ii)(III)

    Pub. L. 107–171, § 5312, substituted “2003 through 2007” for “2000 through 2002”

    Source evidence

    Code amendment note
    Subsec. (b)(2)(A)(ii)(III). Pub. L. 107–171, § 5312, substituted “2003 through 2007” for “2000 through 2002”.

    Enacted provision · exact public law section
    SEC. 5312. RESERVATION OF FUNDS FOR DIRECT OPERATING LOANS FOR BEGINNING FARMERS AND RANCHERS. Section 346(b)(2)(A)(ii)(III) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(2)(A)(ii)(III)) is amended by striking “2000 through 2002” and inserting “2003 through 2007”.

18. 2008

    Food, Conservation, and Energy Act of 2008

    Pub. L. 110–246 § 5303(1) · 122 Stat. 1651

    Substituted · 7 U.S.C. § 1994(b)(1)

    Pub. L. 110–246, § 5303(1), substituted “$4,226,000,000 for each of fiscal years 2008 through 2012” for “$3,796,000,000 for each of fiscal years 2003 through 2007” in introductory provisions

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 110–246, § 5303(1), substituted “$4,226,000,000 for each of fiscal years 2008 through 2012” for “$3,796,000,000 for each of fiscal years 2003 through 2007” in introductory provisions.

    Enacted provision · exact public law section
    (1) in the matter preceding subparagraph (A), by striking “$3,796,000,000 for each of fiscal years 2003 through 2007” and inserting “$4,226,000,000 for each of fiscal years 2008 through 2012”; and

    Effective date note
    Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

19. 2008

    Food, Conservation, and Energy Act of 2008

    Pub. L. 110–246 § 5303(2) · 122 Stat. 1651

    1. Substituted · 7 U.S.C. § 1994(b)(1)(A)

       Pub. L. 110–246, § 5303(2), in introductory provisions, substituted “$1,200,000,000” for “$770,000,000”, in cl. (i)

    2. Substituted · 7 U.S.C. § 1994(b)(1)(A)

       Pub. L. 110–246, § 5303(2), in introductory provisions, substituted “$350,000,000” for “$205,000,000”, and, in cl. (ii)

    3. Substituted · 7 U.S.C. § 1994(b)(1)(A)

       Pub. L. 110–246, § 5303(2), in introductory provisions, substituted “$850,000,000” for “$565,000,000”

    Source evidence

    Code amendment note
    Subsec. (b)(1)(A). Pub. L. 110–246, § 5303(2), in introductory provisions, substituted “$1,200,000,000” for “$770,000,000”, in cl. (i), substituted “$350,000,000” for “$205,000,000”, and, in cl. (ii), substituted “$850,000,000” for “$565,000,000”.

    Enacted provision · exact public law section
    (2) in subparagraph (A)— (A) in the matter preceding clause (i), by striking “$770,000,000” and inserting “$1,200,000,000”; (B) in clause (i), by striking “$205,000,000” and inserting “$350,000,000”; and (C) in clause (ii), by striking “$565,000,000” and inserting “$850,000,000”.

    Effective date note
    Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

20. 2008

    Food, Conservation, and Energy Act of 2008

    Pub. L. 110–246 § 5302(b)(1)(A) · 122 Stat. 1651

    1. Substituted · 7 U.S.C. § 1994(b)(2)(A)(i)

       Pub. L. 110–246, § 5302(b)(1)(A), in subcl. (I), substituted “an amount that is not less than 75 percent of the total amount” for “70 percent” and, in subcl. (II)

    2. Inserted · 7 U.S.C. § 1994(b)(2)(A)(i)

       Pub. L. 110–246, § 5302(b)(1)(A), in subcl. (I), inserted “; joint financing arrangements” at end of heading and, in text

    3. Substituted · 7 U.S.C. § 1994(b)(2)(A)(i)

       Pub. L. 110–246, § 5302(b)(1)(A), in subcl. (I), substituted “an amount not less than ⅔ of the amount” for “60 percent”

    4. Inserted · 7 U.S.C. § 1994(b)(2)(A)(i)

       Pub. L. 110–246, § 5302(b)(1)(A), in subcl. (I), inserted “and joint financing arrangements under section 1927(a)(3)(D) of this title” after “section 1935 of this title”

    Source evidence

    Code amendment note
    Subsec. (b)(2)(A)(i). Pub. L. 110–246, § 5302(b)(1)(A), in subcl. (I), substituted “an amount that is not less than 75 percent of the total amount” for “70 percent” and, in subcl. (II), inserted “; joint financing arrangements” at end of heading and, in text, substituted “an amount not less than ⅔ of the amount” for “60 percent” and inserted “and joint financing arrangements under section 1927(a)(3)(D) of this title” after “section 1935 of this title”.

    Enacted provision · exact public law section
    (A) in clause (i)— (i) in subclause (I), by striking “70 percent” and inserting “an amount that is not less than 75 percent of the total amount”; and (ii) in subclause (II)— (I) in the subclause heading, by inserting “; joint financing arrangements” after “payment loans”; (II) by striking “60 percent” and inserting “an amount not less than ⅔ of the amount”; and (III) by inserting “and joint financing arrangements under section 307(a)(3)(D)” after “section 310E”; and

    Effective date note
    Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

21. 2008

    Food, Conservation, and Energy Act of 2008

    Pub. L. 110–246 § 5302(b)(1)(B) · 122 Stat. 1651

    Substituted · 7 U.S.C. § 1994(b)(2)(A)(ii)(III)

    Pub. L. 110–246, § 5302(b)(1)(B), substituted “2008 through 2012, an amount that is not less than 50 percent of the total amount” for “2003 through 2007, 35 percent”

    Source evidence

    Code amendment note
    Subsec. (b)(2)(A)(ii)(III). Pub. L. 110–246, § 5302(b)(1)(B), substituted “2008 through 2012, an amount that is not less than 50 percent of the total amount” for “2003 through 2007, 35 percent”.

    Enacted provision · exact public law section
    (B) in clause (ii)(III), by striking “2003 through 2007, 35 percent” and inserting “2008 through 2012, an amount that is not less than 50 percent of the total amount”; and

    Effective date note
    Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

22. 2008

    Food, Conservation, and Energy Act of 2008

    Pub. L. 110–246 § 5302(b)(2) · 122 Stat. 1651

    Substituted · 7 U.S.C. § 1994(b)(2)(B)(i)

    Pub. L. 110–246, § 5302(b)(2), substituted “an amount that is not less than 40 percent of the total amount” for “25 percent”

    Source evidence

    Code amendment note
    Subsec. (b)(2)(B)(i). Pub. L. 110–246, § 5302(b)(2), substituted “an amount that is not less than 40 percent of the total amount” for “25 percent”.

    Enacted provision · exact public law section
    (2) in subparagraph (B)(i), by striking “25 percent” and inserting “an amount that is not less than 40 percent of the total amount”.

    Effective date note
    Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

23. 2014

    Agricultural Act of 2014

    Pub. L. 113–79 § 5304 · 128 Stat. 649

    Substituted · 7 U.S.C. § 1994(b)(1)

    Pub. L. 113–79, § 5304, substituted “2018” for “2012” in introductory provisions

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 113–79, § 5304, substituted “2018” for “2012” in introductory provisions.

    Enacted provision · exact public law section
    SEC. 5304. LOAN AUTHORIZATION LEVELS.   Section 346(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(1)) is amended in the matter preceding subparagraph (A) by striking “2012” and inserting “2018”.

24. 2014

    Agricultural Act of 2014

    Pub. L. 113–79 § 5305 · 128 Stat. 649

    1. Substituted · 7 U.S.C. § 1994(b)(2)(A)(ii)(III)

       Pub. L. 113–79, § 5305, substituted “2018” for “2012”

    2. Struck · 7 U.S.C. § 1994(b)(2)(A)(ii)(III)

       Pub. L. 113–79, § 5305, struck out “of the total amount” before period at end

    Source evidence

    Code amendment note
    Subsec. (b)(2)(A)(ii)(III). Pub. L. 113–79, § 5305, substituted “2018” for “2012” and struck out “of the total amount” before period at end.

    Enacted provision · exact public law section
    SEC. 5305. LOAN FUND SET-ASIDES.   Section 346(b)(2)(A)(ii)(III) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(2)(A)(ii)(III)) is amended— (1) by striking “2012” and inserting “2018”; and (2) by striking “of the total amount”.

25. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5401(g) · 132 Stat. 4490

    Struck · 7 U.S.C. § 1994(a)

    Pub. L. 115–334, § 5401(g), struck out comma before period at end

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 115–334, § 5401(g), struck out comma before period at end.

    Enacted provision · exact public law section
    (g) Section 346(a) of the Consolidated Farm and Rural Development Act (7 U.S.C.1994(a)) is amended by striking the last comma.

26. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5302 · 132 Stat. 4490

    1. Substituted · 7 U.S.C. § 1994(b)(1)

       Pub. L. 115–334, § 5302, substituted “$10,000,000,000 for each of fiscal years 2019 through 2023” for “$4,226,000,000 for each of fiscal years 2008 through 2018” in introductory provisions

    2. Added · 7 U.S.C. § 1994(b)(1)

       Pub. L. 115–334, § 5302, added subpars. (A) and (B)

    3. Struck · 7 U.S.C. § 1994(b)(1)

       Pub. L. 115–334, § 5302, struck out former subpars. (A) and (B) which set aside, out of the $4,226,000,000 loan amount authorized, $1,200,000,000 for direct loans and $3,026,000,000 for guaranteed loans

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 115–334, § 5302, substituted “$10,000,000,000 for each of fiscal years 2019 through 2023” for “$4,226,000,000 for each of fiscal years 2008 through 2018” in introductory provisions, added subpars. (A) and (B), and struck out former subpars. (A) and (B) which set aside, out of the $4,226,000,000 loan amount authorized, $1,200,000,000 for direct loans and $3,026,000,000 for guaranteed loans.

    Enacted provision · exact public law section
    SEC. 5302. LOAN AUTHORIZATION LEVELS.   Section 346(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(1)) is amended— (1) in the matter preceding subparagraph (A), by striking “$4,226,000,000 for each of fiscal years 2008 through 2018” and inserting “$10,000,000,000 for each of fiscal years 2019 through 2023”; and (2) by striking subparagraphs (A) and (B) and inserting the following: “(A) $3,000,000,000 shall be for direct loans, of which— “(i) $1,500,000,000 shall be for farm ownership loans under subtitle A; and “(ii) $1,500,000,000 shall be for operating loans under subtitle B; and “(B) $7,000,000,000 shall be for guaranteed loans, of which— “(i) $3,500,000,000 shall be for farm ownership loans under subtitle A; and “(ii) $3,500,000,000 shall be for operating loans under subtitle B.” .

27. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5303 · 132 Stat. 4490

    Substituted · 7 U.S.C. § 1994(b)(2)(A)(ii)(III)

    Pub. L. 115–334, § 5303, substituted “2023” for “2018”

    Source evidence

    Code amendment note
    Subsec. (b)(2)(A)(ii)(III). Pub. L. 115–334, § 5303, substituted “2023” for “2018”.

    Enacted provision · exact public law section
    SEC. 5303. LOAN FUND SET-ASIDES.   Section 346(b)(2)(A)(ii)(III) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(2)(A)(ii)(III)) is amended by striking “2018” and inserting “2023”.

28. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5304 · 132 Stat. 4490

    Added · 7 U.S.C. § 1994(b)(5)

    Pub. L. 115–334, § 5304, added par. (5)

    Source evidence

    Code amendment note
    Subsec. (b)(5). Pub. L. 115–334, § 5304, added par. (5).

    Enacted provision · exact public law section
    SEC. 5304. USE OF ADDITIONAL FUNDS FOR DIRECT OPERATING MICROLOANS UNDER CERTAIN CONDITIONS.   Section 346(b) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)) is amended by adding at the end the following: “(5) Use of additional funds for direct operating microloans under certain conditions.— “(A) In general.— If the Secretary determines that the amount needed for a fiscal year for direct operating loans (including microloans) under subtitle B is greater than the aggregate principal amount authorized for that fiscal year by this Act, an appropriations Act, or any other provision of law, the Secretary shall make additional microloans under subtitle B using amounts made available under subparagraph (C). “(B) Notice.— Not later than 15 days before the date on which the Secretary uses the authority under subparagraph (A), the Secretary shall submit a notice of the use of that authority to— “(i) the Committee on Appropriations of the House of Representatives; “(ii) the Committee on Appropriations of the Senate; “(iii) the Committee on Agriculture of the House of Representatives; and “(iv) the Committee on Agriculture, Nutrition, and Forestry of the Senate. “(C) Authorization of appropriations.— There is authorized to be appropriated to carry out this paragraph $5,000,000 for each of fiscal years 2019 through 2023.” .

40 of 41 references resolved to an enrolled provision · 1 partial