|
|||||||||
|
|
|||||||||
IOWAJeff Ward Program/Project Title: Beginning Farmer Loan Program Program Began: 1981 Contact Person: Jeff Ward Cost/Funding: Total loan volume to date of $422,612,397. Receive $57.4 million annual allocation to sell bonds; self funded with $50 application fee and 1.25 percent closing fee for loans up to $250,000 and 0.625 percent over $250,000 Target Group: Beginning farmers with a net worth of less than $600,000. Description: Available to individuals who have had no substantial ownership interest in farmland. Items that can be financed include agricultural land, agricultural improvements, depreciable agricultural property such as new and used equipment and breeding stock. Loans can be made up to a maximum of $62,500 for used depreciable agricultural property, $125,000 for new depreciable agricultural property, $250,000 for farm improvements and $469,200 for agricultural real estate; no minimum amount. Loans can be made for this program with lenders or contract-for-deed sellers. Program/Project Title: Loan Participation Program Program Began: 1996 Contact Person: Jeff Ward Cost/Funding: Total loan volume to date of $5,686,379. Utilizes Rural Rehabilitation Trust Fund; self-funded with application and closing fees. Target Group: Low-income and beginning farmers Description: Assists qualified low-income farmers to more readily secure loans from participating lenders by supplementing the borrowers’ down-payment. It also reduces lender’s risk since the IADA provides a “last in-last out” loan participation for the financial institution. Maximum loan amount of $150,000. Closing fee of 1.25 percent of participated amount. Program/Project Title: Beginning Farmer Tax Credit Program Program Began: 2007 Contact Person: Jeff Ward Cost/Funding: Unlimited Tax Credits Target Group: Owners of capital ag assets who lease those assets to qualifying beginning farmers Description: This program provides asset owners a tax credit of 5 percent of rental income received under a cash rental agreement or 15 percent of the value owners’ share under a share agreement. Lease term must be a minimum of two years and a maximum of five years.
|
All contents copyright National Council of State Agricultural Finance Programs.