EXTENSION OF ELIGIBILITY FOR CONSERVATION EASEMENTS; ASSISTANCE TO BORROWERS.

SEC. 1815. EXTENSION OF ELIGIBILITY FOR CONSERVATION EASEMENTS; ASSISTANCE TO BORROWERS. Section 349 (7 U.S.C. 1997) is amended— (1) in subsection (c)— (A) in the matter preceding paragraph (1), by striking “such property”; (B) in paragraph (1), by inserting “such property” before “is”; (C) in paragraph (2), by inserting “such property” before “is”; (D) in paragraph (3)(A)(i), by inserting “such property” before “secures”; (E) by amending clause (ii) of paragraph (3)(A) to read as follows: “(ii) such easement better enables a qualified borrower to repay the loan in a timely manner, as determined by the Secretary; or”; (F) in paragraph (3)(B), by inserting “such property” before “is”; and (G) in paragraph (4), by inserting “such property” before “was”; and (2) by amending subsection (e) to read as follows: “(e) (1) Subject to paragraph (2), the Secretary may purchase any such easement from the borrower— “(A) in the case of a borrower to whom the Secretary has made one or more outstanding loans under laws administered by the Farmers Home Administration, by canceling that part of the aggregate amount of such outstanding loans that bears the same ratio to such aggregate amount as the number of acres of the real property of the borrower that are subject to the easement bears to the aggregate number of acres securing such loans; or “(B) in any other case, by treating as prepaid that part of the principal amount of a new loan to the borrower issued and held by the Secretary under a law administered by the Farmers Home Administration that bears the same ratio to such principal amount as the number of acres of the real property of the borrower that are subject to the easement bears to the aggregate number of acres securing the new loan. “(2) The amount so canceled or treated as prepaid pursuant to paragraph (1) shall not exceed— “(A) in the case of a delinquent loan, the value of the land on which the easement is acquired or the difference between the104 STAT. 3826 amount of the outstanding loan secured by the land and the value of the land, whichever is greater; or “(B) in the case of a nondelinquent loan, 33 percent of the amount of the loan secured by the land.”; and (9) by striking subsection (h).