[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9795 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 9795
To authorize a pilot program for the making of 90-year, zero interest
loans for the purchase of real estate to be used for agricultural
production for 90 years.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 25, 2024
Ms. Perez introduced the following bill; which was referred to the
Committee on Agriculture
_______________________________________________________________________
A BILL
To authorize a pilot program for the making of 90-year, zero interest
loans for the purchase of real estate to be used for agricultural
production for 90 years.
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 ``Helping Optimize Markets and
Encourage Generational Resilience through Ownership, Workmanship, and
Nurturing Soil Health Act'' or the ``HOMEGROWN Soil Health Act''.
SEC. 2. PILOT PROGRAM OF 90-YEAR, ZERO INTEREST LOANS FOR THE PURCHASE
OF REAL ESTATE TO BE USED FOR AGRICULTURAL PRODUCTION FOR
90 YEARS.
(a) In General.--The Secretary of Agriculture (in this section
referred to as the ``Secretary'') shall--
(1) conduct a pilot program under which loans are made by
the Secretary to eligible farmers for the purchase of eligible
cropland; and
(2) monitor the productivity of eligible cropland purchased
pursuant to the pilot program.
(b) Definitions.--In this section:
(1) Eligible farmer.--The term ``eligible farmer'' means a
farmer who--
(A) has participated in the business operations of
a farm or ranch for not less than 10 years; or
(B) has other acceptable experience, as determined
by the Secretary.
(2) Eligible land.--The term ``eligible cropland''--
(A) means private or tribal land on which fruits or
vegetables, tree nuts, dried fruits, horticulture, or
nursery crops (including floriculture) are grown;
(B) includes other land incidental to land
described in paragraph (1), if the Secretary determines
that including the other land is necessary for the
efficient administration of a loan to be made under
this section;
(C) not more than 2 percent of the surface of which
is impervious; and
(D) the total area of which does not exceed 160
acres.
(c) Location of Loan Recipients.--The Secretary shall make loans
under this section to recipients in 5 regions of the United States
selected by the Secretary, and the loan recipients in each region shall
all be located within a single radius of 100 miles.
(d) Zero-Interest Loan.--A loan under this section shall not bear
interest.
(e) Loan Term.--A loan under this section shall be repayable during
a term of 90 years.
(f) Loan Condition.--As a condition of making a loan under this
section, the Secretary shall require the borrower to use the cropland
in a manner described in subsection (b)(2)(A) throughout the 90-year
period that begins with the date the loan is made, and if that
condition is violated, to repay the Secretary an amount equal to 101
percent of the fair market value of the cropland at the time of the
violation.
(g) Regulations.--The Secretary may prescribe such regulations as
are necessary to carry out this section.
(h) Effective Date.--This Act shall take effect 90 days after the
date of the enactment of this section.
(i) Termination.--The authority provided by this section shall
expire on the date that is 5 years after the effective date of this
Act.
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