USC - Maximum amounts for loans authorized; long-term cost projections

View all text of Subchapter IV [§ 1981 - § 2008x]

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

(a) Maximum aggregate principal amounts for loans authorized

(b) Authorization for loans

(1) In generalThe Secretary may make or guarantee loans under subchapters I and II from the Agricultural Credit Insurance Fund provided for in section 1929 of this title for not more than $10,000,000,000 for each of fiscal years 2019 through 2023, of which, for each fiscal year—

(A) $3,000,000,000 shall be for direct loans, of which—

(i) $1,500,000,000 shall be for farm ownership loans under subchapter I; and

(ii) $1,500,000,000 shall be for operating loans under subchapter II; 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 subchapter I; and

(ii) $3,500,000,000 shall be for operating loans under subchapter II.

(2) Beginning farmers and ranchers

(A) Direct loans

(i) Farm ownership loans(I) In general(II) Down payment loans; joint financing arrangements

(ii) Operating loansOf 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 2008 through 2023, an amount that is not less than 50 percent.

(iii) Funds reserved until September 1

(B) Guaranteed loans

(i) Farm ownership loans

(ii) Operating loans

(iii) Funds reserved until April 1

(3) Transfer for down payment loans

(A) In generalNotwithstanding 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 1935 of this title, if sufficient direct farm ownership loan funds are not otherwise available; and

(ii) beginning on September 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, if sufficient direct farm ownership loan funds are not otherwise available.

(B) Limitation

(4) Transfer for credit sales of farm inventory property

(A) In general

(B) Supplemental appropriations

(5) Use of additional funds for direct operating microloans under certain conditions

(A) In general

(B) NoticeNot 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.

(d) Low-income, limited-resource borrowers

(1) Notwithstanding any other provision of law, not less than 25 per centum of the loans for farm ownership purposes under subchapter I of this chapter, and not less than 25 per centum of the loans for farm operating purposes under subchapter II of this chapter, authorized to be insured, or made to be sold and insured, from the Agricultural Credit Insurance Fund during each fiscal year shall be for low-income, limited-resource borrowers.

(2) The Secretary shall provide notification to farm borrowers under this chapter, as soon as practicable after April 10, 1984, and in the normal course of loan making and loan servicing operations, of the provisions of this chapter 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.

(Pub. L. 87–128, title III, § 346, as added Pub. L. 95–334, title I, § 125, Aug. 4, 1978, 92 Stat. 428; amended Pub. L. 96–438, § 4, Oct. 13, 1980, 94 Stat. 1876; Pub. L. 97–35, title I, § 164, Aug. 13, 1981, 95 Stat. 379; Pub. L. 98–258, title VI, § 607, Apr. 10, 1984, 98 Stat. 140; Pub. L. 99–198, title XIII, § 1317, Dec. 23, 1985, 99 Stat. 1529; Pub. L. 101–508, title I, § 1202(a), Nov. 5, 1990, 104 Stat. 1388–9; Pub. L. 101–624, title XXIII, § 2388(i), Nov. 28, 1990, 104 Stat. 4053; Pub. L. 102–237, title VII, §§ 701(h)(1)(F), 702(i), Dec. 13, 1991, 105 Stat. 1880, 1881; Pub. L. 102–554, § 20, Oct. 28, 1992, 106 Stat. 4159; Pub. L. 104–127, title VI, § 641, Apr. 4, 1996, 110 Stat. 1098; Pub. L. 107–171, title V, §§ 5311, 5312, May 13, 2002, 116 Stat. 346, 347; Pub. L. 110–234, title V, §§ 5302(b), 5303, May 22, 2008, 122 Stat. 1152; Pub. L. 110–246, § 4(a), title V, §§ 5302(b), 5303, June 18, 2008, 122 Stat. 1664, 1913, 1914; Pub. L. 113–79, title V, §§ 5304, 5305, Feb. 7, 2014, 128 Stat. 840; Pub. L. 115–334, title V, §§ 5302–5304, 5401(g), Dec. 20, 2018, 132 Stat. 4671, 4672, 4674.)