12 2 STA T . 11 43PUBLIC LA W 11 0– 234 —M A Y 22 , 200 8‘ ‘ (2)QUALIF I EDCONS E RV A T ION P RO J ECT .—Thet e rm ‘ quali-f ie dcons er v ation p ro j ect ’ means conservation measures that address provisions of a conservation plan of the eli g i b le bor- ro w er. ‘‘( 3 ) C ONSERVATION PLAN.—The term ‘conservation plan’ means a plan , approved b y the S ecretary, that, for a farming or ranching operation, identifies the conservation activities that will be addressed with loan funds provided under this section, including— ‘‘( A ) the installation of conservation structures to address soil, water, and related resources
‘‘( B ) the establishment of forest cover for sustained yield timber management, erosion control, or shelter belt purposes; ‘‘(C) the installation of water conservation measures; ‘‘( D ) the installation of waste management systems; ‘‘( E ) the establishment or improvement of permanent pasture; ‘‘( F ) compliance with section 1 212 of the Food Security Actof1 985
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‘‘( G ) other purposes consistent with the plan, including the adoption of any other emerging or e x isting conservation practices, techniques, or technologies approved by the Sec- retary. ‘‘(c) ELI G I B ILIT Y .— ‘‘(1) I N GENERAL.—The Secretary may ma k e or guarantee loans to farmers or ranchers in the U nited States, farm coopera- tives, private domestic corporations, partnerships, joint oper- ations, trusts, or limited liability companies that are controlled by farmers or ranchers and engaged primarily and directly in agricultural production in the United States. ‘‘(2) R E Q UIRE M ENTS.—To be eligible for a loan under this section, applicants shall meet the requirements in paragraphs (1) and (2) of section 3 0 2(a). ‘‘(d) P RIORITY.—In making or guaranteeing loans under this section, the Secretary shall give priority to— ‘‘(1) qualified beginning farmers or ranchers and socially disadvantaged farmers or ranchers; ‘‘(2) owners or tenants who use the loans to convert to sustainable or organic agricultural production systems; and ‘‘(3) producers who use the loans to build conservation structures or establish conservation practices to comply with section 1212 of the Food Security Act of 1985. ‘‘(e) L IMITATIONS APPLICABLE TO LOAN GUARANTEES.—The por- tion of a loan that the Secretary may guarantee under this section shall be 7 5 percent of the principal amount of the loan. ‘‘(f) ADMINISTRATIVE PROVISIONS.—The Secretary shall ensure, to the maximum extent practicable, that loans made or guaranteed under this section are distributed across diverse geographic regions. ‘‘(g) CREDIT ELIGIBILITY.—The provisions of paragraphs (1) and (3) of section 333 shall not apply to loans made or guaranteed under this section. ‘‘(h) AUT H ORI Z ATION OF APPROPRIATIONS.—For each of fiscal years 2008 through 2012, there are authori z ed to be appropriated to the Secretary such funds as are necessary to carry out this section.’’.
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