SOIL Act

The SOIL Act (HR 8448) establishes a pilot program to create a pre-approval process for direct farm ownership loans under existing law, aiming to streamline applications and provide greater certainty for borrowers. It allows the Farm Service Agency to set eligibility requirements for these loans while maintaining current borrowing rules. The program runs until September 30, 2029, and requires annual reports to Congress on its implementation and results. This directly affects farmers seeking to purchase land through USDA-owned farm ownership loans.