12 2 STA T . 11 5 2 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(B)insubpar a g rap h ( C ) , b y ins e r t ing ‘ ‘ o raso c ia l ly d isad v antaged f ar m er or rancher ’ ’ after ‘‘or rancher’’
( 2 ) in paragraph ( 5 )(B) — ( A ) in clause (i)— (i) in the clause heading, by inserting ‘‘; SOCIAL L YD ISAD V A NT A GE D F A RM ER OR RANC H ER’’ after ‘‘OR RANCHER’’; (ii) by inserting ‘‘or a socially disadvantaged farmer or rancher’’ after ‘‘a beginning farmer or rancher’’; and (iii) by inserting ‘‘or the socially disadvantaged farmer or rancher’’ after ‘‘the beginning farmer or rancher’’; and (B) in clause (ii)— (i) in the matter preceding subclause ( I ), by inserting ‘‘or a socially disadvantaged farmer or rancher’’ after ‘‘or rancher’’; and (ii) in subclause (II), by inserting ‘‘or the socially disadvantaged farmer or rancher’’ after ‘‘or rancher’’; and ( 3 ) in paragraph ( 6 )— (A) in subparagraph (A), by inserting ‘‘or a socially disadvantaged farmer or rancher’’ after ‘‘or rancher’’; and (B) in subparagraph (C)— (i) in clause (i)(I), by stri k ing ‘‘and ranchers’’ and inserting ‘‘or ranchers and socially disadvantaged farmers or ranchers’’; and (ii) in clause (ii), by inserting ‘‘or socially disadvan - taged farmers or ranchers’’ after ‘‘or ranchers’’ . (b) L OAN FU ND S ET-ASIDES.—Section 3 4 6(b)(2) of such Act ( 7U .S.C. 19 94(b)(2)) is amended— (1) in subparagraph (A)— (A) in clause (i)— (i) in subclause (I), by striking ‘‘7 0 percent’’ and inserting ‘‘an amount that is not less than 75 percent of the total amount’’; and (ii) in subclause (II)— (I) in the subclause heading, by inserting ‘‘; J OINT FINANCING ARRANGEMENTS’’ after ‘‘ P AYMENT LOANS’’; (II) by striking ‘‘60 percent’’ and inserting ‘‘an amount not less than 2⁄3 of the amount’’; and (III) by inserting ‘‘and j oint financing arrange- ments under section 307(a)(3)( D )’’ after ‘‘section 310 E ’’; and (B) in clause (ii)(III), by striking ‘‘2003 through 2007, 35 percent’’ and inserting ‘‘200 8 through 2012, an amount that is not less than 50 percent of the total amount’’; and (2) in subparagraph (B)(i), by striking ‘‘25 percent’’ and inserting ‘‘an amount that is not less than 40 percent of the total amount’’. SEC.530 3. LOAN A UTH O RIZ ATION LE V ELS. Section 346(b)(1) of the Consolidated Farm and R ural Develop- ment Act (7 U.S.C. 1994(b)(1)) is amended— (1) in the matter preceding subparagraph (A), by striking ‘‘ $ 3,796,000,000 for each of fiscal years 2003 through 2007’’
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