90-Year, Zero-Interest Loans for Farmers to Buy Cropland.
This act establishes a pilot program providing eligible farmers with 90-year, zero-interest loans to purchase up to 160 acres of cropland. The goal is to support the production of specialty crops like fruits, vegetables, and nuts, and to help experienced farmers acquire land. Borrowers must commit to using the land for agricultural production for the entire 90-year term, with severe financial penalties for non-compliance.
Key points
The program offers 90-year, zero-interest loans specifically for purchasing up to 160 acres of land dedicated to growing fruits, vegetables, tree nuts, or nursery crops.
Eligibility requires the farmer to have at least 10 years of experience in farm or ranch operations.
A strict condition mandates continuous agricultural use for 90 years; violation requires repayment of 101% of the land's fair market value at the time of the breach.
The pilot program is limited to 5 selected regions across the United States and the authority to issue loans expires after 5 years.
Expired
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