North Dakota Bankers
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ACRE Introduced in Senate

ACRE Introduced in Senate

Posted: Jul 26 2023
Sens. Jerry Moran (R-Kan.) and Angus King (I-Maine) have introduced the Access to Credit for our Rural Economy Act (ACRE) in the Senate. The NDBA-supported ACRE Act would make it easier for farmers, ranchers and rural families to access affordable real estate credit. The bill was introduced in the House earlier this year by Reps. Randy Feenstra (R-Iowa) and Wiley Nickel (D-N.C.). Unlike previous versions of ACRE, 2023 marks the first time that the legislation has seen bipartisan co-sponsorship in the Senate.

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.
 
To read more, visit: https://www.moran.senate.gov/public/index.cfm/news-releases?ID=890725FA-F07C-4517-949B-B6D2A1970323
 

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