Section 1 Short title
This Act may be cited as the “Support for Ownership and Investment in Land Act” or the “SOIL Act”.
Support for Ownership and Investment in Land Act
A BILL
To establish a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A of the Consolidated Farm and Rural Development Act in order to streamline the application process and provide greater certainty to borrowers.
Sec. 2 Farmer loan pilot projects
Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D (7 U.S.C. 1983d) the following:
“333E. Prior approval authorization pilot program
“(a) In general—The Secretary, acting through the Administrator of the Farm Service Agency, shall carry out a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A in order to streamline the application process and provide greater certainty to borrowers.
“(b) Eligibility requirements
“(1) In general—Notwithstanding any other provision of this Act, the Secretary may establish eligibility requirements for direct farm ownership loans under subtitle A.
“(2) Limitation—This section shall not be interpreted to repeal any borrowing requirement imposed under subtitle A.
“(c) Report—Not later than 1 year after the date of enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program.
“(d) Termination of effectiveness—The authority provided by this section shall terminate effective September 30, 2029.”