Agricultural Credit Act

[AI summary unavailable — showing source text] Agricultural Credit Act - Title I: Amendments to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to establish a low-income farm ownership loan program for owners or operators of small or family farms, and to extend eligibility for farm ownership, equipment and operating loans to farm cooperatives. Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000, or $300,000 in the case of a guaranteed loan. Removes the $500,000 ceiling from the aggregate principal of loans made using the Agricultural Credit Insurance Fund. Raises the ceiling on the annual aggregate amount of water and waste facility grants from $300,000 to $400,000, and increases from 50 percent to 75 percent the percentage of the development cost of such facilities which a grant may cover. Increases the amount of indebtedness which may be outstanding for operating loans for an individual from $50,000 to $100,000, or in the case of a guaranteed loan, $200,000. Authorizes the Secretary of Agriculture to purchase the guaranteed portion of any rural development loan using funds from the R…