7 CFR 1951.253

§ 1951.253 Objectives.

United States · 7 CFR — Agriculture · Status: effective

Cite this

Citation: 7 CFR 1951.253, § 1951.253 Objectives, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/29101
Permanent ID: ys:prov:29101@1
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Full text

(a) [Reserved] (b) Borrowers must graduate to other credit at reasonable rates and terms when they are able to do so. (c) If a borrower refuses to graduate, the account will be liquidated under the following conditions: (1) The borrower has the legal capacity and financial ability to obtain other credit. (2) Other credit is available from a commercial lender at reasonable rates and terms. In the case of Labor Housing (LH), Rural Rental Housing (RRH), and Rural Cooperative Housing (RCH) Programs, reasonable rates and terms must also permit the borrowers to continue providing housing for low and moderate income persons at rental rates tenants can afford considering the loss of any subsidy which will be canceled when the loan is paid in full. (d) The Agency will enforce borrower graduation.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.