; but (B) the Secretary shall have a right of first refusal to purchase the land at the appraised value of the land. (2) Delegation The Secretary may, on a case-by-case basis, delegate the right of first refusal under paragraph (1)(B) to a qualified entity that requests the delegation. (d) Requirement If the Secretary purchases land under subsection (c)(1)(B), the Secretary shall convey the land to another eligible Black individual under section 203(a)(2). 206. Eligibility for assistance (a) Farm operating loans (1) Eligible Black individuals Beginning on the date of conveyance of a land grant under section 203(a)(2), the eligible Black individual that receives the land grant shall be eligible for a direct operating loan under subtitle B of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1941 et seq. ), notwithstanding any borrower eligibility requirements under subparagraph (B) or (D) of section 311(a)(1) of that Act ( 7 U.S.C. 1941(a)(1) ) for such a loan. (2) Socially disadvantaged farmers and ranchers During the 5-year period beginning on the date of enactment of this Act, any socially disadvantaged farmer or rancher shall be eligible for a direct operating loan under subtitle B of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1941 et seq. ), notwithstanding any borrower eligibility requirements under subparagraph (B) or (D) of section 311(a)(1) of that Act ( 7 U.S.C. 1941(a)(1) ) for such a loan. (3) Interest and deferment In the case of an operating loan under paragraph (1) or (2)— (A) the interest rate shall be zero percent for the first 7 years of the term of the loan