FARM Home Loans Act of 2023
The FARM Home Loans Act of 2023 amends the Farm Credit Act of 1971 to improve rural housing financing options. It expands the definition of "appurtenances" to include accessory dwelling units (ADUs), such as in-law suites or guest houses, making these eligible for inclusion in home loan applications. The bill also increases the maximum loan amount for certain rural housing loans from $2,500 to $10,000. These changes directly affect rural homeowners and borrowers seeking financing through the Farm Credit System, potentially broadening access to loans for properties with ADUs and increasing available funding.
Bill status
in committee
1 of 4 stages cleared
Introduction
Dec 2023
Committee Review
Floor Vote
President
Introduced Dec 13, 2023
Last action Dec 13, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Dec 13, 2023
Committee
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
upper
Dec 13, 2023
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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