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New heirs' property relending program applications open

 

Last updated 9/8/2021 at 7:58am



From Montana Farm Services Agency

Intermediary lenders can now apply for loans through the new Heirs’ Property Relending Program.

The U.S. Department of Agriculture is accepting applications today through Oct. 29 and cooperatives, credit unions and nonprofit organizations are encouraged to apply for these competitive loans, which ultimately will help agricultural producers and landowners resolve heirs’ land ownership and succession issues.  

“Heirs’ property issues have long been a barrier for many producers and landowners to access USDA programs and services, and this relending program provides access to capital to help producers find a resolution to these issues,” said Les J. Rispens, acting state executive director, Farm Service Agency. “USDA is committed to revising policies to be more equitable and removing barriers faced by heirs’ property owners is part of that effort.”   

Through HPRP, FSA loans up to $5 million at a 1 percent interest rate to eligible lenders. Then, those eligible lenders will reloan funds to heirs to help resolve title issues by financing the purchase or consolidation of property interests and financing costs associated with a succession plan.  

Intermediary lenders should apply by the Oct. 29 deadline using the HPRP application form (FSA-2637), available online at https://www.farmers.gov/sites/default/files/2021-08/farmersgov-heirspropertyrelendingprogramapplication-06-30-21.pdf , which can be submitted to FSA by mail to:

FSA Deputy Administrator for Farm Loan Programs

Loan Making Division

STOP 0522

1400 Independence Avenue, S.W.

Washington, DC 20250

Additionally, FSA will host a webinar Sept. 15 at noon Mountain Time for interested lenders, who can register or learn more on the FSA Outreach and Education webpage at https://www.fsa.usda.gov/programs-and-services/outreach-and-education/webinars/index

Intermediary lenders must: 

• be certified as a community development financial institution, and

• have experience and capability in making and servicing agricultural and commercial loans that are similar in nature.

If applications exceed the amount of available funds, FSA will prioritize applicants that both:  

• have at least 10 years or more of experience with socially disadvantaged farmers; and

• are located in states that have adopted a statute consisting of enactment or adoption of the Uniform Partition of Heirs Property Act (UPHPA). A list of these states is available athttps://www.farmers.gov/heirs/relending . 

Frequently asked questions, the Aug. 3 overview webinar, and other resources can be found at http://farmers.gov/heirs/relending .  

After the loans are announced, USDA will distribute information for heirs on how to apply. Information for heirs is also on farmers.gov/heirs/relending.

USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, people can visit http://www.usda.gov .

 

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