Page:United States Statutes at Large Volume 101 Part 3.djvu/388

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1686

Housing 12 USC 2279aa

PUBLIC LAW 100-233—JAN. 6, 1988

TITLE VII—AGRICULTURAL MORTGAGE SECONDARY MARKETS Subtitle A—The Federal Agricultural Mortgage Corporation SEC. 701. STATEMENT OF PURPOSE. ..,2 *; r:; Hilt is the purpose of this subtitle— (1) to establish a corporation chartered by the Federal Government; (2) to authorize the certification of agricultural mortgage marketing facilities by the corporation; (3) to provide for a secondary marketing arrangement for agricultural real estate mortgages that meet the underwriting standards of the corporation— (A) to increase the availability of long-term credit to farmers and ranchers at stable interest rates; (B) to provide greater liquidity and lending capacity in , ^ extending credit to farmers and ranchers; and - "^ x (C) to provide an arrangement for new lending to facilitate capital market investments in providing long-term agricultural funding, including funds at fixed rates of interest; and (4) to enhance the ability of individuals in small rural communities to obtain financing for moderate-priced homes. SEC. 702. AGRICULTURAL MORTGAGE SECONDARY MARKET. The Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) is amended by adding after title VII (as added by section 401 of this Act) the following new title:

"TITLE VIII—AGRICULTURAL MORTGAGE SECONDARY MARKET 12 USC 2279aa.

"SEC. 8.0. DEFINITIONS.

"For purposes of this title: "(1) AGRICULTURAL REAL ESTATE.—The term 'agricultural real estate' means— "(A) a parcel or parcels of land, or a building or structure affixed to the parcel or parcels, that— "(i) is used for the production of one or more agricultural commodities or products; and "(ii) consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or "(B) a principal residence that is a single family, moderate-priced residential dwelling located in a rural area, excluding— "(i) any community having a population in excess of 2,500 inhabitants; and "(ii) any dwelling with a purchase price exceeding $100,000 (as adjusted for inflation). "(2) BOARD.—The term 'Board' means—