7 U.S.C. § 1923
Sections in this chapter
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§ 1923. Purposes of loans
- (a)
- (1) A farmer or rancher may use a direct loan made under this subchapter only for—
- (A) acquiring or enlarging a farm or ranch;
- (B) making capital improvements to a farm or ranch;
- (C) paying loan closing costs related to acquiring, enlarging, or improving a farm or ranch;
- (D) paying for activities to promote soil and water conservation and protection described in section 1924 of this title on a farm or ranch; or
- (E) refinancing a temporary bridge loan made by a commercial or cooperative lender to a farmer or rancher for the acquisition of land for a farm or ranch, if—
- (i) the Secretary approved an application for a direct farm ownership loan to the farmer or rancher for acquisition of the land; and
- (ii) funds for direct farm ownership loans under section 1994(b) of this title were not available at the time at which the application was approved.
- (2) A farmer or rancher may use a loan guaranteed under this subchapter only for—
- (A) acquiring or enlarging a farm or ranch;
- (B) making capital improvements to a farm or ranch;
- (C) paying loan closing costs related to acquiring, enlarging, or improving a farm or ranch;
- (D) paying for activities to promote soil and water conservation and protection described in section 1924 of this title on a farm or ranch; or
- (E) refinancing indebtedness.
- (1) A farmer or rancher may use a direct loan made under this subchapter only for—
- (b) In making or guaranteeing a loan under this subchapter for purchase of a farm or ranch, the Secretary shall give preference to a person who—
- (1) has a dependent family;
- (2) to the extent practicable, is able to make an initial down payment on the farm or ranch; or
- (3) is an owner of livestock or farm or ranch equipment that is necessary to successfully carry out farming or ranching operations.
- (c)
- (1) After the Secretary makes the determination required by paragraph (2), the Secretary may not make a loan to a farmer or rancher under this subchapter unless the farmer or rancher has, or agrees to obtain, hazard insurance on any real property to be acquired or improved with the loan.
- (2) Not later than 180 days after April 4, 1996 , the Secretary shall determine the appropriate level of insurance to be required under paragraph (1).
Change History
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