Certain lenders can now apply for up to $5 million in loans through the new Heirs’ Property Relending Program, which is designed to help agricultural producers and landowners resolve heirs’ land ownership and succession issues.
The U.S. Department of Agriculture will accept applications for the 1% interest loans through Oct. 29 from community development financial institutions.
Lenders who receive the loans will then reloan the funds to their customers for expenses like purchasing or consolidating property interests or expenses associated with a succession plan, all to resolve title issues.
Danny Hoots, acting state executive director of the Farm Service Agency, said in a news release that these issues have been a barrier that prevent access to USDA programs and services. The agency is committed to removing such barriers as well as implementing more equitable policies, he said.
In addition, the FSA will host a webinar at 1 p.m. Sept. 15 at 2 p.m. Register here.