A group of bipartisan lawmakers recently reintroduced the Farm Ownership Improvement Act, which would launch a pilot program for a pre-approval or pre-qualification process for USDA direct farm ownership loans.
The legislation would require USDA to provide Congress with an annual update report and work with stakeholders to spread awareness about the program. Supporters say the bill would help level the playing field for applicants seeking land, especially for young or new entrants to agriculture.
“This legislation will help make farm loans more accessible and timely for producers, preventing costly delays and helping young and beginning farmers secure needed capital on a quicker basis,” said Sen. John Hoeven (R-ND), a co-sponsor of the bill.
