§ 1934. — Lowincome farm ownership loan program; eligibility; repayment requirements.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 7USC1934]
TITLE 7--AGRICULTURE
CHAPTER 50--AGRICULTURAL CREDIT
SUBCHAPTER I--REAL ESTATE LOANS
Sec. 1934. Low-income farm ownership loan program; eligibility;
repayment requirements
(a) The Secretary is authorized to make and insure loans for any of
the purposes referred to in section 1923(a) of this title, or paragraphs
(1) through (5) of section 1924(a) of this title, to farmers and
ranchers in the United States who (1) are citizens of the United States,
(2) meet the requirements of paragraphs (2) through (4) of section 1922
of this title, (3) are unable to obtain sufficient credit under section
1922 of this title to finance their actual needs, (4) are owners or
operators of small or family farms (including new owners or operators),
(5) are farmers or ranchers with a low income, and (6) demonstrate a
need to maximize their income from farming or ranching operations. The
Secretary is also authorized to make such loans to any farm cooperative
or private domestic corporation or partnership that is controlled by
farmers and ranchers and engaged primarily and directly in farming or
ranching in the United States if all of its members, stockholders, or
partners, as applicable, are citizens of the United States and the
entity and all such members, stockholders, or partners meet the
requirements of paragraphs (2) through (6) of the preceding sentence.
(b) Each loan made or insured under this section shall be repayable
in such installments as the Secretary determines will provide for
reduced payments during the initial repayment period of the loan and
larger payments during the remainder of the repayment period of the
loan.
(Pub. L. 87-128, title III, Sec. 310D, as added Pub. L. 95-334, title I,
Sec. 113, Aug. 4, 1978, 92 Stat. 424; amended Pub. L. 101-624, title
XVIII, Sec. 1802(b), Nov. 28, 1990, 104 Stat. 3818; Pub. L. 102-552,
title V, Sec. 516(e)(1), Oct. 28, 1992, 106 Stat. 4137; Pub. L. 104-127,
title VI, Sec. 661(e), Apr. 4, 1996, 110 Stat. 1107.)
Amendments
1996--Subsec. (a). Pub. L. 104-127 substituted ``section 1923(a) of
this title, or paragraphs (1) through (5) of section 1924(a) of this
title'' for ``paragraphs (1) through (5) of section 1923(a) of this
title, or subparagraphs (A) through (E) of section 1924(a)(1) of this
title''.
1992--Subsec. (a). Pub. L. 102-552 substituted ``1924(a)(1)'' for
``1924(d)(1)''.
1990--Subsec. (a). Pub. L. 101-624 substituted ``paragraphs (1)
through (5) of section 1923(a) of this title, or subparagraphs (A)
through (E) of section 1924(d)(1) of this title,'' for ``clauses (1)
through (5) of section 1923(a) of this title'', substituted
``paragraphs'' for ``clauses'' before ``(2) through (4) of section'',
made technical amendment to reference to section 1922 of this title
which required no change in text, and substituted ``paragraphs'' for
``clauses'' before ``(2) through (6) of the''.
Effective Date of 1992 Amendment
Section 516(e)(2) of Pub. L. 102-552 provided that: ``The amendment
made by paragraph (1) of this subsection [amending this section] shall
take effect at the same time as the amendments made by section 501(a) of
the Food, Agriculture, Conservation, and Trade Act Amendments of 1991
(Public Law 102-237; 105 Stat. 1865) [amending section 1924 of this
title] took effect.''
Section Referred to in Other Sections
This section is referred to in sections 1925, 1927, 1942, 1983 of
this title.
