Consolidated Farm and Rural Development Act of 1972
Encyclopedia
The Consolidated Farm and Rural Development Act of 1972 or Con Act (P.L. 92-419) authorized a major expansion of USDA lending activities, which at the time were administered by Farmers Home Administration
(FmHA). The legislation was originally enacted as the Consolidated Farmers Home Administration Act of 1961 (P.L. 87-128). In 1972, this title was changed to the Consolidated Farm and Rural Development Act, and is often referred to as the Con Act.
The Con Act, as amended, currently serves as the authorizing statute for USDA’s agricultural and rural development lending programs. The Act includes current authority for the following three major Farm Service Agency
(FSA) farm loan programs: farm ownership loans
, farm operating loans
, and emergency disaster loans.
Also the Act authorizes rural development loans and grants. (7 U.S.C. 1921 et seq.).
Farmers Home Administration
In 1946 Farmers Home Administration replaced the Farm Security Administration which superseded the Resettlement Administration. Its mission and programs involved extending credit for agriculture and rural development. Direct and guaranteed credit went to individual farmers, low-income families,...
(FmHA). The legislation was originally enacted as the Consolidated Farmers Home Administration Act of 1961 (P.L. 87-128). In 1972, this title was changed to the Consolidated Farm and Rural Development Act, and is often referred to as the Con Act.
The Con Act, as amended, currently serves as the authorizing statute for USDA’s agricultural and rural development lending programs. The Act includes current authority for the following three major Farm Service Agency
Farm Service Agency
The Farm Service Agency is the USDA agency into which were merged several predecessor agencies, including the Agricultural Stabilization and Conservation Service . The ASCS was, as the FSA is now, primarily tasked with the implementation of farm conservation and regulation laws around the country...
(FSA) farm loan programs: farm ownership loans
Farm ownership loans
The Consolidated Farm and Rural Development Act , authorizes the Farm Service Agency to make direct and guaranteed farm ownership loans to eligible family farmers....
, farm operating loans
Farm operating loans
The Consolidated Farm and Rural Development Act , authorizes the Farm Service Agency to make direct and guaranteed farm operating loans....
, and emergency disaster loans.
Also the Act authorizes rural development loans and grants. (7 U.S.C. 1921 et seq.).