28- 248 C.M.R. ch. 101, § III

Current through 2024-51, December 18, 2024

Section 248-101-III - Eligibility

An investment under this rule may be made only to support a loan for agricultural purposes to the owner of an agricultural enterprise who meets one of the following criteria:

A. In the prior year, obtained a loan or loans for agricultural purposes either under the Linked Investment Program or from the Farmer's Home Administration, or

B. In the most recent fiscal year incurred accrued interest expense on loans for agricultural purposes equal to or in excess of 13% of total annual cash farm operating expenditures, or

C. Is an entrant to farming.

Until April 1 of each year, funds shall be available for investment only in support of loans to agricultural enterprises eligible under Section III(a) and (b). After April 1 of each year, the Treasurer may invest any remaining funds to support loans to entrants to farming.

Participation in the Linked Investment Program by the owner of an agricultural enterprise is limited to two investment periods. However, if the $4,000,000 authorization is not fully utilized in any investment period by other eligible participants, an entrant to farming may participate in the Program for up to two additional investment periods.

28- 248 C.M.R. ch. 101, § III