Today, lawmakers in the U.S. House introduced the Investing in Rural America Act to provide critical capital resources to rural communities through improvements to the Community Facilities Loan and Grant Program.
The legislation encourages investment in rural communities by:
- Restoring and codifying farm credit institutions’ eligibility to finance essential rural facilities in partnership with local lenders and the U.S. Department of Agriculture’s Community Facilities Loan and Grant Program,
- Placing explicit guardrails around FCI’s authorities in financing essential community facilities, including a requirement to offer participation with at least one non-FCI lending institution on any potential project, and
- Requiring a report to Congress on the projects undertaken by FCIs, including the partnerships established between lending institutions for such projects.
Minnesota Rep. Fischbach said, “Rural communities across the country are struggling to retain population, much less attract future generations. One way Congress can support them is by eliminating unnecessary regulatory barriers to capital investment, particularly on critical community facilities like hospitals, childcare centers, and senior care centers.”
This bill has the support of the Farm Credit Council, National Council of Farmer Cooperatives, National Association of Counties, National Rural Health Association, American Psychological Association, National Farmers Union, National Association of Community Health Centers, American Academy of Family Physicians, National Grange, and AgCountry Farm Credit Services.
News release from Rep. Fischbach’s office
Comments