12 2 STA T . 1 904PUBLIC LA W 110 – 24 6—J U NE 1 8, 2008 ‘ ‘ SEC.302 . P E R S ON SE LIG I B LE F OR RE A LES T ATE LOANS. ‘ ‘ (a)INGE NE RAL.—TheS e cr e t ar ym ay ’ ’
a nd ( 2 ) i n sub secti o n (a)(2) , by insertin g ‘‘, ta k ing into consider - ation a l l f arming e xp erience of the applicant, w ithout regard to any lapse between farming experiences’’ after ‘‘farming oper- ations’’. SEC. 5 002. CONSER V ATION LOAN AN D LOAN G U ARANTEE PROGRA M . Section 304 of the C onsolidated F arm and R ural D e v elopment A ct( 7U .S.C. 19 24) is amended to read as follows
‘‘SEC. 30 4 . CONSERVATION LOAN AND LOAN GUARANTEE PROGRAM. ‘‘(a) IN GENERAL.—The Secretary may make or guarantee q uali- fied conservation loans to eligible borrowers under this section. ‘‘(b) DE FI NI T I O N S .—In this section: ‘‘(1) QU ALIFIE DC ONSER V ATION LOAN.—The term ‘qualified conservation loan’ means a loan, the proceeds of which are used to cover the costs to the borrower of carrying out a qualified conservation pro j ect. ‘‘(2) QUALIFIED CONSERVATION P RO J ECT.—The term ‘quali- fied conservation project’ means conservation measures that address provisions of a conservation plan of the eligible bor- rower. ‘‘(3) CONSERVATION PLAN.—The term ‘conservation plan’ means a plan, approved by the Secretary, 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 1212 of the Food Security Act of 19 85
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‘‘(G) other purposes consistent with the plan, including the adoption of any other emerging or existing conservation practices, techniques, or technologies approved by the Sec- retary. ‘‘(c) ELI G I B ILIT Y .— ‘‘(1) IN GENERAL.—The Secretary may make or guarantee loans to farmers or ranchers in the United 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) RE 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 302(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;
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