New Homestead Act
Latest action. Referred to House Committee on Agriculture.
New Homestead Act - Provides that in the case of any farm purchase loan to any person who is (1) a nonowner-operator of a farm or (2) an owner-operator of a farm who is not reliant on such farm for his principal source of income, the Secretary of Agriculture may make or insure any such loan up to $100,000 or 90 percent of the value of the farm being purchased, whichever is greater. States that the repayment of any farm purchase loan by any person who was at the time of such loan a nonowner-operator of a farm or an owner-operator of a farm, but not reliant on such farm for his principal source of income, shall, upon the request of such person at the time the loan is made or insured, be made as follows: (1) during the first twelve-month period beginning on the first day of the first month after the loan is made and during each of the next fourteen twelve-month periods, one-eightieth of the total amount to be financed including interest; and (2) (A) during each of the next twenty-five twelve-month periods, one twenty-fifth of an amount equal to the total amount to be financed including interest minus the amount paid pursuant to paragraph (1); or (B) at the close of the fifteenth twelve-month period, the balance of the principal plus an amount of interest which would have been due and payable during the first fifteen twelve-month periods had the forty-year loan been paid in four hundred and eighty equal installments; except that the balance of the loan shall become due and payable if such farm or any interest therin is transferred without the approval of the Secretary to any person ineligible for a loan. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on September 30, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 30, 1974: Referred to House Committee on Agriculture.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM STEIGER (R-WI) introduced it on September 30, 1974, and 3 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 30, 1974, 18973 days ago. The most recent recorded action was 18973 days ago, on September 30, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers