A42-Lancaster Farming, Saturday, March 22,1986
Farm Bill plank may help
some farmers keep land
ST. PAUL - Some farmers
forced out of business should
vigorously pursue a little
publicized section of the 1985 Farm
Bill that could help them keep a
foothold for later re-entry into the
industry, according to officials of
the National Farmers Union.
Under the bill's “Homestead
Protection” provision, qualifying
farmers may be able to rent their
farm home and a “reasonable
amount” of land for three to five
years, then have the first option to
repurchase it.
Implementation discretion lies
with the secretary of agriculture or
administrator of the Small
Business Administration. The
option is only available to farmers
who are foreclosed on by USDA’s
Farmers Home Administration or
SBA, or who have filed bankruptcy
or voluntarily liquidated to avoid
foreclosure by FmHA or SBA.
“This option to occupy the farm
home and later repurchase it can
help many families keep a foot in
the door to later resume their
farming careers. It is important
for qualifying farmers to discuss
this option with an attorney,” NFU
President Cy Carpenter said.
To qualify, farmers must:
1. Apply to FmHA or the SBA
before 1989.
2. Have exhausted all other debt
restructing or extension remedies.
SUDIA to hold 25th annual meeting
The Dairy Council of the Upper
Chesapeake Bay will hold its 25th
annual meeting April 9 at the
Baltimore Plaza Hotel in
Baltimore, Maryland, beginning at
9:45 a.m.
More than 150 dairy farmers,
dairy industry leaders, and guests
are expected to attend. Dr. Elwood
Speckmann, President of the
National Dairy Council, will ad
dress the group at 10:00 a.m.
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3. Have made gross annual farm
sales of at least $40,000 in at least
two of the years 1981 through 1985.
4. Have received at least 60
percent of the borrower’s annual
income (including income earned
by spouse, if any) from farming in
at least two of those years.
5. Have occupied the property
during the five-year period.
6. Pay reasonable rent during
occupancy. (Failure to pay rent on
time is grounds to end the
borrower’s possession and oc
cupancy of the property.)
7. Maintain the property in good
condition.
At the end of the three to five
year rental agreement, the
borrower would have the first right
of refusal to repurchase the
property. Sale price would be
based on an independent appraisal
made within six months of the
request to rent the property.
Lenders could not demand full
payment of the debt if it would
exceed the market appraisal.
Indications are that each ap
plication will be decided on a case
by-case basis.
“Farmers and attorneys must be
cautioned that this program is
discretionary with the secretary or
administrator. We urge that the
program be implemented in ac
cordance with the intent of
Congress,” Carpenter said.
Dairy Council of the Upper
Chesapeake Bay is affiliated with
the Dairy and Food Nurition
Council of the Southeast (DFNCS),
a member organization of the
Southeast United Dairy Industry
Association, Inc. (SUDIA). SUDIA
is the dairy farmer’s promotion
organization coordinating ad
vertising, promotion, and nutrition
education activities in the
Southeast.
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State
30