Section 1 Reduction of the eligibility requirement for direct farm real estate loans under the Consolidated Farm and Rural Development Act
Section 302(b) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1922(b)) is amended—
by striking paragraph (1) and inserting the following:
“(1) In general—The Secretary may make a direct loan under this subtitle only to a farmer or rancher who has at least 1 year of experience substantially participating in the management and business operations of a farm or ranch, as determined by the Secretary, or has other acceptable education or experience for a period of time, as determined by the Secretary.”
in paragraph (4)—
in subparagraph (A), by striking “3-year requirement in paragraph (1) to 1 or 2 years” and inserting “1-year requirement in paragraph (1) to 6 months”; and
in subparagraph (B), by striking “3-year” and inserting “1-year”.