[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4736 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4736

  To amend the Consolidated Farm and Rural Development Act to provide 
  support for facilities providing healthcare, education, child care, 
        public safety, and other vital services in rural areas.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 19, 2023

Mrs. Fischbach (for herself, Mr. Davis of North Carolina, Mr. Finstad, 
 and Ms. Caraveo) introduced the following bill; which was referred to 
                      the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
  To amend the Consolidated Farm and Rural Development Act to provide 
  support for facilities providing healthcare, education, child care, 
        public safety, and other vital services in rural areas.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investing in Rural America Act''.

SEC. 2. AUTHORITY OF FARM CREDIT SYSTEM INSTITUTIONS TO PROVIDE 
              FINANCIAL SUPPORT FOR ESSENTIAL RURAL COMMUNITY 
              FACILITIES PROJECTS.

    (a) In General.--Section 306(a) of the Consolidated Farm and Rural 
Development Act (7 U.S.C. 1926(a)) by adding at the end of the 
following:
    ``(27) Support for Essential Rural Community Facilities Projects.--
            ``(A) In general.--In order to make available capital to 
        develop, build, maintain, improve, or provide other support for 
        essential community facilities in our Nation's rural 
        communities, institutions chartered and operating under title 
        I, II, or III of the Farm Credit Act of 1971 may provide 
        financing and technical assistance for projects eligible for 
        financing under this subsection for community facilities, 
        subject to subparagraph (B).
            ``(B) Limitations.--An institution referred to in 
        subparagraph (A) shall not provide financing under subparagraph 
        (A)--
                    ``(i) in an amount that exceeds 15 percent of the 
                total assets of the institution; or
                    ``(ii) unless the institution--
                            ``(I) has offered, under reasonable terms 
                        and conditions acceptable to the borrower 
                        involved, an interest in the financing to at 
                        least 1 lending institution not referred to in 
                        subparagraph (A); and
                            ``(II) has reported the offer to the Farm 
                        Credit Administration.
            ``(C) Annual reports to congress.--Within 1 year after the 
        date of the enactment of this paragraph, and annually 
        thereafter, the Farm Credit Administration shall provide a 
        report on the activities undertaken under this paragraph by 
        Farm Credit System institutions during the period covered by 
        the report, including through partnerships between such an 
        institution and other lending institutions, and a copy of each 
        report provided pursuant to subparagraph (B)(ii)(II) during the 
        period, which shall also be posted on the website of the Farm 
        Credit Administration.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on October 1, 2023.
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