Iowa Admin. Code r. 265-44.3

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 265-44.3 - Beginning farmer loan program eligibility

A loan to or on behalf of a beginning farmer shall be provided only if the following criteria are satisfied:

1. The beginning farmer is an individual and a resident of Iowa.

2. The agricultural land and agricultural improvements or depreciable agricultural property the beginning farmer proposes to purchase will be located in the state.

3. The beginning farmer has sufficient education, training, or experience in the type of farming for which the beginning farmer requests the loan and must demonstrate that education, training, or experience to the satisfaction of the authority.

4. If the loan is for the acquisition of agricultural land, the beginning farmer has or will have access to adequate working capital, farm equipment, machinery, or livestock. If the loan is for the acquisition of depreciable agricultural property, the beginning farmer has or will have access to adequate working capital or agricultural land. In the loan application, the beginning farmer must demonstrate to the satisfaction of the authority that the beginning farmer has or will have access to adequate working capital, farm equipment, machinery, or livestock.

5. The beginning farmer shall materially and substantially participate in farming.

6. The agricultural land and agricultural improvements shall only be used for farming by the beginning farmer, the beginning farmer's spouse, or the beginning farmer's minor children.

Iowa Admin. Code r. 265-44.3

Amended by IAB May 27, 2015/Volume XXXVII, Number 24, effective 7/1/2015

Amended by IAB February 12, 2020/Volume XLII, Number 17, effective 3/18/2020