H.R.831 - BALE Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Bost, Mike [R-IL-12] (Introduced 02/02/2017)|
|Committees:||House - Agriculture|
|Latest Action:||House - 02/24/2017 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.831 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/02/2017)
Beginning Agriculturalist Lifetime Employment Act of 2017 or the BALE Act of 2017
This bill amends the Agricultural Act of 1961 to revise the limits for the Department of Agriculture's (USDA's) conservation loan guarantee program.
The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan. USDA may not guarantee a loan under the program that exceeds $3.5 million.
The bill also revises the limitations on the amount of farm ownership loans to prohibit USDA from making or insuring any loan that would cause the unpaid indebtedness of any one borrower to exceed the smaller of: (1) the value of the farm or other security; or (2) in the case of a loan other than a loan guaranteed by USDA, $600,000, with an adjustment for inflation beginning with FY2023.