FINANCING OF BRIDGE LOANS.

SEC. 5002. FINANCING OF BRIDGE LOANS. Section 303(a)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1923(a)(1)) is amended— (1) in subparagraph (C), by striking “or” at the end; (2) in subparagraph (D), by striking the period at the end and inserting “; or”; and (3) by adding at the end the following: “(E) refinancing a temporary bridge loan made by a commercial or cooperative lender to a farmer or rancher for the acquisition of land for a farm or ranch, if— “(i) the Secretary approved an application for a direct farm ownership loan to the farmer or rancher for acquisition of the land; and116 STAT. 342 “(ii) funds for direct farm ownership loans under section 346(b) were not available at the time at which the application was approved.”.