House Appropriations Committee Approves FY2016 Agriculture Spending Bill; Includes $2.5 Billion for Rural Development Programs

WASHINGTON, D.C. – July 13, 2015 – (RealEstateRama) — This week, the House Appropriations Committee approved their version of the fiscal year (FY) 2016 Agriculture Appropriations bill. The legislation funds the U.S. Department of Agriculture. The bill totals $20.65 billion in discretionary funding, which is $175 million lower than current levels and $1.1 billion below the President’s budget request.

The bill provides a total of $2.5 billion for rural development programs, which is $86 million above current levels. The bill includes $920 million for business and industry loans, which is level with current funding. The bill provides $1.25 billion for rural water and waste program loans, level with current funding and $474 million for grants and costs, which is an increase of $9 million above current levels. In addition, $6.2 billion is provided for rural electric and telephone infrastructure loans, which is level with current funding. The bill now heads to the House floor for consideration. Click here to view the legislation. Click here to view the committee report.

Source: National Association of Development Organizations (NADO)