Farmland Purchase and Preservation Loan Program Procedures and Guidelines - Delaware

Farmland Purchase and Preservation Loan Program Procedures and Guidelines is a legal document that was released by the Delaware Department of Agriculture - a government authority operating within Delaware.

FAQ

Q: What is the Farmland Purchase and Preservation Loan Program?
A: The Farmland Purchase and Preservation Loan Program is a program in Delaware that provides loans to farmers to purchase and preserve agricultural land.

Q: Who is eligible for the Farmland Purchase and Preservation Loan Program?
A: Farmers in Delaware who intend to purchase farmland for agricultural purposes are eligible for the program.

Q: How does the loan program work?
A: The loan program provides low-interest loans to eligible farmers to help them purchase farmland. The loans have terms of up to 20 years and can cover up to 73% of the purchase price.

Q: What are the guidelines for the loan program?
A: The program requires that the farmland be used for agricultural purposes and be subject to an Agricultural Conservation Easement.

Q: What is an Agricultural Conservation Easement?
A: An Agricultural Conservation Easement is a legal agreement that permanently restricts the use of the land to agricultural purposes, protecting it from future development.

Q: Are there any additional requirements or restrictions for the loan program?
A: Yes, farmers must provide a down payment of at least 27% of the purchase price and demonstrate financial stability.