; exceeds (B) the average of the index (as so defined) for the 12-month period ending on August 31, 2018. (2) Development The Secretary shall develop a regional farm real estate inflation index for measuring periodic changes in the price of farm real estate in each geographic region of the United States, using data from the National Agricultural Statistics Service. (e) Microloans (1) In general Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans. (2) Limitations The Secretary shall not make or guarantee a microloan under this subsection that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this subtitle to any 1 borrower to exceed $50,000. (3) Applications To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection. . 105. Report and action plan on agricultural conservation easement program (a) Sense of congress It is the sense of Congress that the agricultural conservation easement program established under section 1265(a) of the Food Security Act of 1985 ( 16 U.S.C. 3865(a) ) remains a valuable program in assisting beginning farmers and ranchers in acquiring farmland for productive use. (b) Report and plan required Not later than one year after the date of the enactment of this Act, the Chief of the Natural Resources Conservation Service shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that includes— (1) an evaluation of the extent in which the agricultural conservation easement program supports beginning farmers or ranchers in acquiring farmland