Forestry Loan Act of 1979

[AI summary unavailable — showing source text] Forestry Loan Act of 1979 - Directs the Secretary of Agriculture to conduct a pilot program of making, insuring, and guaranteeing loans that will provide periodic payments to eligible owners of private forest land. Declares eligible for such program any private individual, group, Indian tribe or other native group, association, partnership, corporation or other legal entity which owns 5,000 acres or less of nonindustrial private forest land capable of producing crops of industrial wood; provided, the applicant is unable to obtain sufficient credit elsewhere. Requires borrowers to prepare, keep current, and adhere to an individual forest management plan, developed in cooperation with and approved by the State forester (or equivalent official). Limits the maximum amount of any loan made, insured, or guaranteed under this Act to any one borrower to $300,000. Authorizes the Secretary to guarantee up to 90 percent of the principal and interest on any loan made by specified kinds of banks and lending institutions. Sets a repayment term of up to 40 years, allowing deferral of principal and interest payments as the Secretary deems appropriate. Allows the interest rate to be set by the lend…