Expands eligibility for USDA direct loans to include operators with at least a 50% interest in farm real estate.
The USDA Loan Modernization Act amends the Consolidated Farm and Rural Development Act to expand eligibility for direct loans to individuals or entity members holding at least a 50% interest in farm real estate. It also modifies the eligibility criteria for operating-only entities and embedded entities, requiring that at least 75% of the ownership interests be held by qualified operators. This change aims to provide more flexibility and support for farm operators seeking financial assistance.
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