S.D. Admin. R. 12:21:01:06

Current through Register Vol. 51, page 67, December 16, 2024

Section 12:21:01:06 - Eligibility

To be eligible for assistance under this chapter, the first-time farmer must meet the following requirements:

(1) The first-time farmer must be a resident of South Dakota at the time the bond is issued to finance the loan and must be at least 18 years of age;

(2) The first-time farmer must document to the lender and the authority sufficient training and experience for the anticipated farm operations;

(3) The first-time farmer must, as a condition of loan closing, demonstrate to the satisfaction of the lender and the authority access as needed to working capital, farm machinery, livestock, and agricultural land;

(4) Individuals must be first-time farmers regardless of the purpose of the loan as defined in § 147(C) of the Internal Revenue Code as amended to July 1, 2008;

(5) The agricultural land and agricultural improvements may be used for farming only by the individual, the individual's spouse, the individual's minor children, or any of them;

(6) The first-time farmer must meet net worth requirements as described in § 12:21:01:04;

(7) The first-time farmer must meet the requirements of § 267(a), (b), and (c)(4) of the Internal Revenue Code, as amended to July 1, 2008, concerning related persons.

S.D. Admin. R. 12:21:01:06

22 SDR 97, effective 1/22/1996; 23 SDR 91, effective 12/9/1996; 35 SDR 67, effective 9/30/2008.

General Authority: SDCL 1-16E-24.

Law Implemented: SDCL 1-16E-24.