7 USC 1924 - Conservation loan and loan guarantee program

U.S Code last checked for updates: Nov 22, 2024

§ 1924.

Conservation loan and loan guarantee program

(a)

In general

(b)

Definitions

In this section:

(1)

Qualified conservation loan

(2)

Qualified conservation project

(3)

Conservation plan

The term “conservation plan” means a plan, approved by the Secretary, that, for a farming or ranching operation, identifies the conservation activities that will be addressed with loan funds provided under this section, including—

(A)

the installation of conservation structures to address soil, water, and related resources;

(B)

the establishment of forest cover for sustained yield timber management, erosion control, or shelter belt purposes;

(C)

the installation of water conservation measures;

(D)

the installation of waste management systems;

(E)

the establishment or improvement of permanent pasture;

(F)

compliance with section 3812 of title 16; and

(G)

other purposes consistent with the plan, including the adoption of any other emerging or existing conservation practices, techniques, or technologies approved by the Secretary.

(c)

Eligibility

(1)

In general

(2)

Requirements

(d)

Priority

In making or guaranteeing loans under this section, the Secretary shall give priority to—

(1)

qualified beginning farmers or ranchers and socially disadvantaged farmers or ranchers;

(2)

owners or tenants who use the loans to convert to sustainable or organic agricultural production systems; and

(3)

producers who use the loans to build conservation structures or establish conservation practices to comply with section 3812 of title 16.

(e)

Limitations applicable to loan guarantees

The portion of a loan that the Secretary may guarantee under this section shall be—

(1)

80 percent of the principal amount of the loan; or

(2)

in the case of a producer that is a qualified socially disadvantaged farmer or rancher or a beginning farmer or rancher, 90 percent of the principal amount of the loan.

(f)

Administrative provisions

(g)

Credit eligibility

(h)

Authorization of appropriations

(Pub. L. 87–128, title III, § 304, Aug. 8, 1961, 75 Stat. 308; Pub. L. 90–488, § 2, Aug. 15, 1968, 82 Stat. 770; Pub. L. 92–419, title I, § 102, Aug. 30, 1972, 86 Stat. 657; Pub. L. 95–334, title I, § 102, Aug. 4, 1978, 92 Stat. 421; Pub. L. 101–624, title XVIII, § 1802(a), Nov. 28, 1990, 104 Stat. 3817; Pub. L. 102–237, title V, § 501(a), Dec. 13, 1991, 105 Stat. 1865; Pub. L. 104–127, title VI, § 603, Apr. 4, 1996, 110 Stat. 1085; Pub. L. 110–234, title V, § 5002, May 22, 2008, 122 Stat. 1142; Pub. L. 110–246, § 4(a), title V, § 5002, June 18, 2008, 122 Stat. 1664, 1904; Pub. L. 113–79, title V, §§ 5001(c)(1), 5002, Feb. 7, 2014, 128 Stat. 833; Pub. L. 115–334, title V, § 5102, Dec. 20, 2018, 132 Stat. 4669.)

cite as: 7 USC 1924