A program designed to help producers and landowners resolve heirs’ land ownership and succession issues will be getting $67 million in competitive loans.
The Heirs’ Property Relending Program lets intermediary lenders, cooperatives, credit unions and non-profits apply for loans up to $5 million at one percent interest once the Farm Service Agency opens the two-month signup window in late August. After FSA selects lenders, heirs can apply directly to those lenders for loans and assistance.
Property issues have long been a barrier for producers and landowners in accessing USDA programs and services. Heirs can’t use the loans for land improvements or payment of operating costs but they can use them for things such as financing the purchase or consolidation of property interests.
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