H.R. 8448, known as the "Support for Ownership and Investment in Land Act" or the "SOIL Act," proposes a pilot program to create a pre-approval process for direct farm ownership loans under the Consolidated Farm and Rural Development Act. The aim is to make the loan application process easier...
Simple Explanation
The SOIL Act is like a special test program to help farmers more easily apply for loans to own their farms, making it less confusing and giving them clearer answers. This program will try out new rules until the end of 2029 to see what works best and will let important people know how it’s going.