US HB7475

USDA Secretary must establish a pilot program within 1 year to create an expedited qualification and approval process for bridge loans guaranteed under the Consolidated Farm and Rural Development Act

Loans must be serviced by Preferred Certified Lenders and provided to creditworthy borrowers as determined by those lenders

Secretary shall consider streamlining certification and assessment determinations, but cannot waive any requirements other than timing requirements for application processing

Annual reports required to House and Senate Agriculture Committees examining actions taken and results of the pilot program

Pilot program authority terminates September 30, 2031