That, has some pretty generous sections within the bill.
The only 'good' thing I saw in the first few sections was that the land would be devoted solely to agriculture "in perpetuity".
(I did not read the whole thing)
It will be expensive to the taxpayer tho. Administration cost of the program oversight alone would be $30 million over the next 10 years, and an additional $8 billion to acquire the land.
"(
f) (program administration)
FUNDING.—There is authorized to be appropriated, and there is appropriated, out of amounts in the Treasury not otherwise appropriated, $10,000,000 for each of fiscal years 2021 through 2030 to carry out this (administration) section."
(g) (land acquisition and grants)
FUNDING.—There is authorized to be appropriated, and there is appropriated, out of amounts in the Treasury not otherwise appropriated, $8,000,000,000 for each of fiscal years 2021 through 2030 to carry out this section.
In addition, there is a section to make interest free loans for farm/ranch operation, and the govt can (and probably will) defer loan payments for the first 24 months of the loan period.
(2) SOCIALLY DISADVANTAGED FARMERS AND RANCHERS.—During the 5-year period beginning on the date of enactment of this Act, any socially disadvantaged farmer or rancher shall be eligible for a direct operating loan under subtitle B of the Consolidated Farm and Rural Development Act (7 21 U.S.C. 1941 et seq.), notwithstanding any borrower eligibility requirements under subparagraph (B) or (D) of section 311(a)(1) of that Act (7 U.S.C. 24 1941(a)(1)) for such a loan.
(3) INTEREST AND DEFERMENT.—In the case of an operating loan under paragraph (1) or (2)— 3 (A) the interest rate shall be zero percent 4 for the first 7 years of the term of the loan; and (B) the Secretary of Agriculture shall defer 6 payments for the first 24 months.
(b) SINGLE FAMILY HOME MORTGAGES.—Beginning on the date of conveyance of a land grant under section 9 203(a)(2), the eligible Black individual that receives the land grant shall be eligible for a direct loan under section 502 of the Housing Act of 1949 (42 U.S.C. 1472), notwithstanding any borrower eligibility requirements for such a loan, for the construction or improvement of a single family home on the conveyed land.
(I suspect, that federal lawsuits will be filed sooner or later questioning the discriminatory/constitutional aspects of this act, in that Mexicans, Puerto Ricans, Italians, and Asians are not included)
