Federal Register: September 15, 2005 (Volume 70, Number 178)
DOCID: FR Doc 05-18333
DEPARTMENT OF AGRICULTURE
Farm Service Agency
NOTICE: NOTICES
ACTION: Grants and cooperative agreements; availability, etc.:
DOCUMENT ACTION: Notice.
SUBJECT CATEGORY:
Addition of Eligible States for Beginning Farmer and Rancher Land Contract Guarantee Pilot Program
DATES: FSA will accept applications from the additional states beginning on September 15, 2005.
DOCUMENT SUMMARY:
This notice announces that the Farm Service Agency (FSA) is adding California, Minnesota, and Nebraska as eligible states to its Beginning Farmer and Rancher Land Contract Guarantee Pilot Program. Expanding the Pilot Program is intended to facilitate land transfers to a greater number of beginning farmers and ranchers.
SUMMARY:
Beginning Farmer and Rancher Land Contract Guarantee Pilot Program,
SUPPLEMENTAL INFORMATION
On September 4, 2003, FSA published a notice in the Federal Register announcing that funds were available for the Beginning Farmer and Rancher Land Contract Guarantee Pilot Program (68 FR 5255752562). The notice provided the policies and procedures under which the program would be administered, including application requirements, evaluation criteria, servicing requirements, and policies for payment of the guarantee in case of default.
The pilot program is mandated by Section 310 F of the Consolidated
Farm and Rural Development Act (7 U.S.C. 1936). That section provides
that if the Secretary determines that the risk of such a program is
comparable with the risk presented in the case of guarantees to commercial lenders, then:
``* * * the Secretary shall carry out a pilot program in not
fewer than 5 States, as determined by the Secretary, to guarantee up
to 5 loans per State in each of fiscal years 2003 through 2007 made
by a private seller of a farm or ranch to a qualified beginning
farmer or rancher on a contract land sale basis, if the loan meets applicable underwriting criteria and a commercial lending
institution agrees to serve as escrow agent.''
The pilot program was originally made available in Indiana, Iowa,
North Dakota, Oregon, Pennsylvania, and Wisconsin. By this notice FSA
announces that the program is expanded to California, Minnesota, and
Nebraska. All requirements of the current pilot program were provided
in the notice of September 4, 2003, and remain in effect, except the
definition of ``Pilot State,'' is revised to add California, Minnesota and Nebraska. The policies, procedures, and forms used in
administration of the program are available at http://www.fsa.usda.gov
and are contained in FSA handbooks which may be obtained from the
information contact listed above or any local FSA office. The
additional information collection burden requirements of this program
were approved by the Office of Management and Budget and assigned OMB Control No. 05600228.
Signed in Washington, DC on September 8, 2005.
James R. Little,
Administrator, Farm Service Agency.
[FR Doc. 0518333 Filed 91405; 8:45 am]
BILLING CODE 341005P
FOR FURTHER INFORMATION CONTACT
Trent Rogers, Senior Loan Officer, USDA, FSA, Farm Loan Programs Loan Making Division, STOP 0522, 1400 Independence Avenue, SW., Washington, DC 202500522; telephone (202) 7201657; Facsimile (202) 7206797; email: trent.rogers@wdc.usda.gov. Persons with disabilities who require alternative means for communication (Braille, large print, audio tape, etc.) should contact the USDA Target Center at (202) 7202600 (voice and TDD).