Emergency Farm Credit Assistance Act of 1985

[AI summary unavailable — showing source text] Emergency Farm Credit Assistance Act of 1985 - Title I: Emergency Farm Credit Assistance - Amends the Consolidated Farm and Rural Development Act to authorize additional FY 1985 loan guarantee authority. Authorizes the Secretary of Agriculture to release liens on loan-securing assets of up to $10,000 to assist certain borrowers facing foreclosure in the transition out of farming and ranching. Requires a borrower to convey the remaining property or the proceeds of its sale to the Government. Authorizes the Secretary to make grants through FY 1986 to States for interest rate reductions (for at least three years) on loans made by commercial or cooperative lenders. Requires the Secretary to make such grants without a State matching requirement whenever it would not be practicable for a State to provide such matching funds. Provides for interest recapture upon sale or title transfer. Permits lenders to qualify for loan guarantees without principal or interest reductions. Provides for 90 percent guarantees. Sets the Farmers Home Administration loan and set-aside cash flow requirement at 100 percent. Provides reduced interest rates for farm ownership and operating loans through FY 1986. D…