AUTHORIZATION LEVELS FOR FmHA LOANS.

SEC. 1202. AUTHORIZATION LEVELS FOR FmHA LOANS. (a) In General.—Subsection (b) of section 346 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)) is amended to read as follows: “(b) (1) For each of the fiscal years 1991 through 1995, real estate and operating loans may be insured, made to be sold and insured, or guaranteed in accordance with subtitles A and B, respectively, from the Agricultural Credit Insurance Fund established under section 309 in amounts equal to the following levels: “(A) For fiscal year 1991, $4,175,000,000, of which not less than $827,000,000 shall be for farm ownership loans under subtitle A. “(B) For fiscal year 1992, $4,343,000,000, of which not less than $861,000,000 shall be for farm ownership loans under subtitle A “(C) For fiscal year 1993, $4,516,000,000, of which not less than $895,000,000 shall be for farm ownership loans under subtitle A. “(D) For fiscal year 1994, $4,697,000,000, of which not less than $931,000,000 shall be for farm ownership loans under subtitle A. “(E) For fiscal year 1995, $4,885,000,000, of which not less than $968,000,000 shall be for farm ownership loans under subtitle A “(2) Subject to paragraph (3), such amounts set forth in paragraph (1) shall be apportioned as follows: “(A) For fiscal year 1991— “(i) $1,019,000,000 for insured loans, of which not less than $83,000,000 shall be for farm ownership loans; and “(ii) $3,156,000,000 for guaranteed loans, of which not less than $744,000,000 shall be for guarantees of farm ownership loans. “(B) For fiscal year 1992— “(i) $1,060,000,000 for insured loans, of which not less than $87,000,000 shall be for farm ownership loans; and “(ii) $3,283,000,000 for guaranteed loans, of which not less than $774,000,000 shall be for guarantees of farm ownership loans. “(C) For fiscal year 1993— 104 STAT. 1388–10 “(i) $1,102,000,000 for insured loans, of which not less than $90,000,000 shall be for farm ownership loans; and “(ii) $3,414,000,000 for guaranteed loans, of which not less than $805,000,000 shall be for guarantees of farm ownership loans. “(D) For fiscal year 1994— “(i) $1,147,000,000 for insured loans, of which not less than $94,000,000 shall be for farm ownership loans; and “(ii) $3,550,000,000 for guaranteed loans, of which not less than $837,000,000 shall be for guarantees of farm ownership loans. “(E) For fiscal year 1995— “(i) $1,192,000,000 for insured loans, of which not less than $97,000,000 shall be for farm ownership loans; and “(ii) $3,693,000,000 for guaranteed loans, of which not less than $871,000,000 shall be for guarantees of farm ownership • loans. “(3) Notwithstanding any other provision of law: “(A) The Secretary shall— “(i) reduce the amounts otherwise made available for insured loans by— “(I) $482,000,000, for fiscal year 1991; “(II) $614,000,000, for fiscal year 1992; “(III) $760,000,000, for fiscal year 1993; “(IV) $859,000,000, for fiscal year 1994; and “(V) $907,000,000, for fiscal year 1995; and “(ii) use the funds made available from such reductions in each fiscal year to guarantee loans under section 351. “(B) The total amount of insured loans shall bear the same ratio to the amount of insured farm ownership loans as the dollar amount specified in paragraph (2)(A)(i) for insured loans bears to the dollar amount specified therein for insured farm ownership loans. “(C) If more than 70 percent of the number of loans guaranteed under section 351 in a fiscal year have been guaranteed to persons to whom the Secretary had not previously made an insured loan under this Act, in lieu of the dollar amounts specified in subparagraph (A) for the immediately succeeding fiscal year, the dollar amounts which shall apply shall each be the product obtained by multiplying— “(i) such dollar amount; by “(ii) the quotient of— “(I) the number of persons provided with guaranteed loans under section 351 in the fiscal year to whom the Secretary had not previously made an insured or a guaranteed loan under this Act; divided by “(II) the total number of persons provided with guaranteed loans under section 351 in the fiscal year. “(4) Notwithstanding subsection (a), the Secretary shall, as soon as practicable after the date of enactment of this subsection, make, insure, or guarantee loans at the levels authorized by this subsection for each of the fiscal years 1991 through 1995.”. (b) Interest Rate Reduction Program.— (1) In general.— Section 351 of such Act (7 U.S.C. 1999) is amended— (A) in subsection (c)— 104 STAT. 1388–11 (i) by striking “50 percent” and inserting “100 per-cent”; and (ii) by striking “2 percent” and inserting “4 percent”; and (B) in subsection (d), by striking “, or 3 years, whichever is less”. (2) Extension of program for 2 years.—Section 1320 of the Food Security Act of 1985 (7 U.S.C. 1999 note) is amended by striking “1993” and inserting “1995”. (c) Demonstration Project for Purchase of System Lands.—Section 35I(h)(D of such Act (7 U.S.C. 1999(h)(l)) is amended by striking “3-year” and inserting “4-year”.