Forestry Loan Act of 1979

[AI summary unavailable — showing source text] Forestry Loan Act of 1979 - Directs the Secretary of Agriculture to conduct a five-year pilot program of financial assistance to owners of nonindustrial private forest land which shall include, but not be limited to: (1) the insuring and guaranteeing of loans providing periodic loan disbursements; (2) the consolidation for resale in private capital markets of the loan obligations of individual landowners; and (3) the loaning of funds to lending institutions in order to make such guaranteed loans. Declares eligible for such program any private individual, group, Indian tribe or other native group, association, partnership, corporation or other legal entity which owns 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 insured or guaranteed loan to any one landowner to $50,000 annually. Authorizes the Secretary to guarantee up to 90 percent of that portion of the overall loan obligation w…