Financing for essential rural community facilities

Title IV of the Farm Credit Act of 1971 (12 U.S.C. 2153 et seq.) is amended by adding at the end the following: H Support for rural and Tribal essential community facilities projects 4.40. Essential community facilities (a) Definitions In this section: (1) Administration The term Administration means the Farm Credit Administration. (2) Essential community facility (A) In general The term essential community facility has the same meaning as in section 306(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a)). (B) Inclusions (i) In general The term essential community facility includes a community center, a library, a firehouse, a healthcare facility, a senior living facility, a childcare facility, an education facility, and a transportation facility. (ii) Services The term essential community facility includes any services provided at the applicable facility to rural residents, rural businesses, or members of an Indian Tribe, including healthcare services, senior living services, childcare services, education services, and transportation services. (3) Indian Tribe The term Indian Tribe has the meaning given the term in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 5304). (4) Rural area The term rural area means each of the following: (A) A rural city, town, or equivalent jurisdiction, as determined by the Administration. (B) A rural area (as defined in section 343(a)(13)(A) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1991(a)(13)(A))). (5) Tribal area The term Tribal area means an area under the jurisdiction of an Indian Tribe. (b) Financing and technical assistance In order to make available private capital to develop, build, maintain, improve, or provide other support for essential community facilities in rural areas or Tribal areas, Farm Credit System institutions chartered and operating under title I, II, or III may provide financing and technical assistance for essential community facilities. (c) Limitations (1) Eligibility Only an entity eligible for financing under section 306(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1926(a)) may receive financing or any other assistance under this section. (2) Amount of financing A Farm Credit System institution shall not provide financing under this section in an amount that exceeds 15 percent of the total assets of the Farm Credit System institution. (3) Offer requirement A Farm Credit System institution shall not provide financing under this section unless the Farm Credit System institution has— (A) offered in writing, under reasonable terms and conditions acceptable to the applicable sponsor, owner, or operator of the essential community facility involved, an interest in the financing to at least 1 domestic nongovernmental lending institution that is not chartered and operating under this Act; and (B) reported that offer, including the terms and conditions of the offer, to the Administration. (4) Rural community bank priority In offering an interest in financing under this section to domestic nongovermental lending institutions described in paragraph (3)(A), a Farm Credit System institution shall give priority to community banks located in the service area of the essential community facility being financed. (d) Report to Congress (1) In general Not later than 1 year after the date of enactment of this section, and annually thereafter, the Administration shall submit to Congress a report on the activities undertaken pursuant to this section by Farm Credit System institutions during the period covered by the report, including activities undertaken through partnerships between Farm Credit System institutions and other nongovernmental lending institutions. (2) Publication A copy of each report submitted to Congress under paragraph (1) shall be published on the website of the Administration..