Page:United States Statutes at Large Volume 92 Part 1.djvu/478

 92 STAT. 424

PUBLIC LAW 95-334—AUG. 4, 1978 TRANSFER OF ADMINISTRATIVE FUNDS

7 USC 1929a. 7 USC 1926, 1932.

SEC. 110. Section 309A(g)(8) of the Consolidated Farm and Eural Development Act is amended to read as follows: "(8) to pay the Secretary's costs of administration necessary to insure loans under the programs referred to in subsection (a) of this section, make grants under sections 306(a) and 310B of this title, service, and otherwise carry out such programs, including costs of the Secretary incidental to guaranteeing rural development loans under this title, either directly from the Insurance Fund or by transfers from the Fund to, and merger with, any appropriations for administative expenses.". PURCHASE BY THE SECRETARY OF GUARANTEED PORTIONS OF LOANS

7 USC 1929b.

SEC. 111. The Consolidated Farm and Rural Development Act is amended by adding immediately after section 309A a new section 309B as follows: "SEC. 309B. The Secretary may purchase, on such terms and conditions as the Secretary deems appropriate, the guaranteed portion of any loan guaranteed under this title: Provided, That the Secretary may not pay for any such guaranteed portion of a loan in excess of an amount equal to the unpaid principal balance and accrued interest on the guaranteed portion of the loan. The Secretary may use for such purchases funds from the Rural Development Insurance Fund with respect to rural development loans as defined in section 309A(a) of this title and funds from the Agricultural Credit Insurance Fund with respect to all other loans under this title. This authority may be exercised only if the Secretary determines that an adequate secondary market is not available in the private sector.". EXEMPTION OF SMALL BUSINESS PROJECTS FROM RESTRICTIONS ON RURAL INDUSTRIAL ASSISTANCE AND OTHER LOANS

7 USC 1932.

SEC. 112. Section 310B of the Consolidated Farm and Rural Development Act is amended by— (1) inserting in paragraphs (1), (2), and (3) (that follow subsection (d)) immediately after "312(b)", wherever that term appears therein, the following: ", except for cases in which such assistance does not exceed $1,000,000 or for cases in which direct employment will not be increased by more than fifty employees,"; and (2) in paragraph (3) (that follows subsection (d)), striking out "60" and inserting in lieu thereof "30". LOW-INCOME FARM OWNERSHIP LOAN PROGRAM

7 USC 1934. 7 USC 1923. 7 USC 1922.

SEC. 113. The Consolidated Farm and Rural Development Act is amended by adding immediately after section 310C a new section as follows: "SEC. 310D. (a) The Secretary is authorized to make and insure loans for any of the purposes referred to in clauses (1) through (5) of section 303(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 clauses (2) through (4) of section 302, (3) are unable to obtain sufficient credit under section 302 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

�