The number of lawmakers continues to grow from both political parties that have have signed on as cosponsors to American Bankers Association-backed legislation that would make it easier for farmers, ranchers and rural families to access affordable real estate credit. The Access to Credit for our Rural Economy Act was introduced earlier this year in both the House and Senate, with the number of cosponsors of the House version having recently grown to 41 lawmakers (up from 24 a little more than a month ago)—28 Republicans and 13 Democrats.
The ACRE Act in the House was introduced by Reps. Randy Feenstra (R-Iowa) and Wiley Nickel (D-N.C.). The Senate version was introduced by Sens. Jerry Moran (R-Kan.) and Angus King (I-Maine).
The ACRE Act would give community banks the same tax-exempt status on certain earned interest that applies to farm credit institutions, allowing farm real estate borrowers and rural homeowners access to lower interest rates. The exemption would also apply to single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.
