S. 910 — Farm Ownership Improvement Act

This section establishes a five-year pilot program, to be implemented by USDA not later than two years after enactment of the Farm Ownership Improvement Act, for pre-qualification or pre-approval of direct farm ownership loans under subtitle A of the Consolidated Farm and Rural Development Act (i.e., loans enabling eligible farmers and ranchers to purchase or enlarge family farms). For pilot participants, the section authorizes the Secretary to use alternative methods such as financial benchmarking to assess financial viability and loan repayment likelihood under existing standards; prioritizes outreach to organizations serving beginning farmers or ranchers; and requires ongoing evaluation plus annual reports to the Senate and House Agriculture Committees on performance outcomes, specified demographics, and recommendations for permanency. (Thus, the pilot streamlines loan processing without repealing subtitle A borrowing requirements.)