Consolidated Farm and Rural Development Act Amendments of 1983

[AI summary unavailable — showing source text] Consolidated Farm and Rural Development Act Amendments of 1983 - Amends the Consolidated Farm and Rural Development Act to set the interest rate for water and waste disposal facility loans at: (1) not more than five percent in areas where the median family income is below 80 percent of the statewide nonmetropolitan median family income; and (2) not more than seven percent in areas where such income level is between 80 and 100 percent of the statewide nonmetropolitan median family income. Amends business and industry loan provisions to: (1) raise an applicant's equity requirement from ten to 20 percent; (2) give priority to areas of economic distress; (3) decrease the maximum Federal loan guarantee from 90 to 80 percent; and (4) raise the loss threshold from ten to 20 percent. Provides for the recapture of low-income farm ownership loans when a borrower sells such property. States that these loans constitute a secured debt. Requires the Secretary of Agriculture to review the financial status of an applicant prior to approving an operating loan if the applicant has received such loans in each of the previous five years. Authorizes the Secretary to require an emergency or operating lo…