Drought Relief Act of 1983

[AI summary unavailable — showing source text] Drought Relief Act of 1983 - Amends the Consolidated Farm and Rural Development Act to permit farmers and ranchers to qualify for disaster assistance whether or not their counties have been designated as disaster areas. Permits family farmers to request economic hardship loan repayment and foreclosure deferrals through FY 1984. Requires a showing of: (1) good management; (2) temporary inability to repay because of circumstances beyond one's control; (3) reasonable chance of repayment; and (4) no available loan-servicing alternatives. Provides for loan consolidation and rescheduling at the end of such deferral period. Requires the Secretary to notify borrowers regarding such deferral and rescheduling programs. Requires deferred or rescheduled loan interest rates to be at the lower of either original or current rates. Amends the Emergency Agricultural Credit Adjustment Act of 1978 to extend the economic emergency loan program through FY 1984. Gives preference to farmers affected by the 1983 drought. Limits interest rates to eight percent. Amends the Consolidated Farm and Rural Development Act to increase insured and guaranteed operating loan limits. Extends the maximum payment period…