Page:United States Statutes at Large Volume 122.djvu/1928

 12 2 STA T . 1 905PUBLIC LA W 110 – 2 46—J U NE 1 8, 2008 ‘ ‘ (2)owners or t en a nts w h o u se the l oans to c on v ert to susta i na b leoror g anic agricultural p ro d uction s y ste m s and ‘‘( 3 ) producers who use the loans to build conservation structures or establish conservation practices to comply with section 1 212 o f the F ood S ecurity A ctof1 985. ‘‘(e) LIM I TA TI ONS A P P L I C A B L E TO LOAN GU A R ANTEES. —T he por - tion of a loan that the Secretary may guarantee under this section shall be 7 5 percent of the principal amount of the loan. ‘‘(f) A D MINISTRATI V E P ROVISIONS.—The Secretary shall ensure , to the ma x imum extent practicable, that loans made or guaranteed under this section are distributed across diverse geographic regions. ‘‘(g) C REDIT E LI G IBILIT Y .—The provisions of paragraphs (1) and (3) of section 333 shall not apply to loans made or guaranteed under this section. ‘‘(h) AUT H ORI Z ATION O F APPROPRIATIONS.—For each of fiscal years 2 0 08 through 2012, there are authori z ed to be appropriated to the Secretary such funds as are necessary to carry out this section. ’ ’. SEC.50 0 3 . LIM I TA TI ON SONAMO U NTO F FA R MO W NERS H I P LOANS. Section 305(a)(2) of the Consolidated Farm and R ural D evelop- ment Act (7 U .S.C. 1925(a)(2)) is amended by stri k ing ‘‘ $ 200,000’’ and inserting ‘‘$300,000’’. SEC. 500 4 . D OWN PA Y MENT LOAN PRO G RAM. Section 310E of the Consolidated Farm and Rural Development Act (7 U.S.C. 1935) is amended— (1) in subsection (a)(1), by striking ‘‘and ranchers’’ and inserting ‘‘or ranchers and socially disadvantaged farmers or ranchers’’; (2) in subsection (b)— (A) by striking paragraph (1) and inserting the fol- lowing; ‘‘(1) PRINCIPAL.—Each loan made under this section shall be in an amount that does not exceed 4 5 percent of the least of— ‘‘(A) the purchase price of the farm or ranch to be ac q uired; ‘‘( B ) the appraised value of the farm or ranch to be acquired; or ‘‘(C) $500,000. ‘‘(2) I NTEREST RATE.—The interest rate on any loan made by the Secretary under this section shall be a rate equal to the greater of— ‘‘(A) the difference obtained by subtracting 4 percent from the interest rate for farm ownership loans under this subtitle; or ‘‘(B) 1.5 percent.’’; and (B) in paragraph (3), by striking ‘‘15’’ and inserting ‘‘20’’; (3) in subsection (c)— (A) in paragraph (1), by striking ‘‘10’’ and inserting ‘‘5’’; (B) by striking paragraph (2) and redesignating para- graph (3) as paragraph (2); and (C) in paragraph (2)(B) (as so redesignated), by striking ‘‘15-year’’ and inserting ‘‘20-year’’; (4) in subsection (d)—

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