Senator Ruben Gallego (D-AZ) is cosponsoring bipartisan legislation to lower interest rates on rural and agricultural property loans.
More specifically, the Access to Credit for our Rural Economy (ACRE) Act excludes interest gross income received on particular rural or agricultural property. This interest exclusion applies not only to agricultural real estate but also to single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.
As a result, the exclusion lowers interest rates. It expands tax-exempt status on specific earned interest that applies to other lenders, saving farmers and rural homeowners $400 million in annual interest expenses.
In his press release, Sen. Gallego said, "Owning a home or family farm is a cornerstone of the American dream, and I'm proud to co-lead the ACRE Act to make loans more affordable for rural communities. The American dream should be within reach for all Arizonans, including those living in rural parts of our state."
Cosponsors of the ACRE Act include Senators Jerry Moran (R-KS), Angus King (I-ME), Roger Marshall (R-KS), Kevin Cramer (R-ND), and Tommy Tuberville (R-AL).
"As Alabama's voice on the Senate Ag Committee, I will always advocate for Alabama's farmers and rural communities here in Washington. Our farmers are struggling with cash flow and desperately need expanded access to credit to continue their farm operations. I'm proud to join my colleagues in cosponsoring this bill that would bolster our agricultural economy and stimulate rural housing for all Alabamians," said Sen. Tuberville.
Housing has been a key issue on Sen. Gallego's platform, testing President Donald Trump's Secretary of Housing and Urban Development (HUD) Scott Turner during the latter's confirmation hearing in January.
"Arizona is at the forefront of housing scarcity on all fronts, whether it is apartments, whether it is housing, whether it is new or old, and it is not just in metro areas, even our rural areas," the Arizona Senator said.
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