§ 2279aa–8.
(b)
Minimum criteria
To further the purpose of this subchapter to provide a new source of long-term fixed rate financing to assist farmers and ranchers to purchase agricultural real estate, the standards established by the Board pursuant to subsection (a) with respect to loans secured by agricultural real estate shall, at a minimum—
(1)
provide that no agricultural mortgage loan with a loan-to-value ratio in excess of 80 percent may be treated as a qualified loan;
(2)
require each borrower to demonstrate sufficient cash-flow to adequately service the agricultural mortgage loan;
(3)
contain sufficient documentation standards;
(4)
contain adequate standards to protect the integrity of the appraisal process with respect to any agricultural mortgage loans;
(5)
contain adequate standards to ensure that the farmer or rancher is or will be actively engaged in agricultural production, and require the borrower to certify to the originator that the borrower intends to continue agricultural production on the farm or ranch involved;
(6)
minimize speculation in agricultural real estate for nonagricultural purposes; and
(7)
in establishing the value of agricultural real estate, consider the purpose for which the real estate is taxed.
([Pub. L. 92–181, title VIII, § 8].8, as added [Pub. L. 100–233, title VII, § 702], Jan. 6, 1988, [101 Stat. 1700]; amended [Pub. L. 100–399, title VI, § 601(i)], Aug. 17, 1988, [102 Stat. 1005]; [Pub. L. 104–105, title I, § 110], Feb. 10, 1996, [110 Stat. 165]; [Pub. L. 110–234, title V, § 5406(c)], May 22, 2008, [122 Stat. 1158]; [Pub. L. 110–246, § 4(a)], title V, § 5406(c), June 18, 2008, [122 Stat. 1664], 1920; [Pub. L. 115–334, title V, § 5410(a)], Dec. 20, 2018, [132 Stat. 4678].)