Section 1 Short title
This Act may be cited as the “Heirs’ Property Relending Program Progress Act of 2024” or the “HPRP Progress Act of 2024”.
Heirs’ Property Relending Program Progress Act of 2024
A BILL
To amend the Consolidated Farm and Rural Development Act to provide for administrative costs with respect to the Heirs’ Property Relending Program, and for other purposes.
Sec. 2 Use of loan funds to cover administrative costs
Section 310I of the Consolidated Farm and Rural Development Act (7 U.S.C. 1936c) is amended—
in subsection (a), by striking “relend the funds to individuals and entities” and inserting “use the funds”;
by amending subsection (c) to read as follows:
“(c) Eligible purposes—An eligible entity that receives a loan made by the Secretary pursuant to subsection (a)—
“(1) shall relend the proceeds from the loan for projects that assist heirs with undivided ownership interests to resolve ownership and succession on farmland that has multiple owners; and
“(2) may use not more than 30 percent of the amount of the loan to pay administrative costs of relending the proceeds.”
in subsection (e), by adding at the end the following:
“(4) The Secretary may forgive, as the Secretary deems appropriate, the amounts of a loan used to pay administrative costs of relending the proceeds from the loan.”
Sec. 3 Extension of authorization
Section 310I(g) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1936c(g)) is amended—
by striking “$10,000,000” and inserting “$60,000,000”;
by striking “2019” and inserting “2025”; and
by striking “2023” and inserting “2029, to remain available until expended”.
Sec. 4 Report
Not later than 1 year after the date of the enactment of this Act, 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 describing the operation and outcomes of the program under section 310I of the Consolidated Farm and Rural Development Act, with recommendations on how to strengthen the program.