Agriculture Secretary Tom Vilsack announced $67 million in competitive loans through the new Heirs’ Property Relending Program. The program aims to help producers and landowners resolve heirs’ land ownership and succession issues.
“While those affected are in all geographic and cultural areas, many Black farmers and other groups who have experienced historic discrimination have inherited heirs’ property,” Vilsack said. “USDA is committed to revising policies to be more equitable and examining barriers faced by heirs’ property owners is part of that effort. This helps ensure that we protect the legacy of these family farms for generations to come.”
Intermediary lenders, cooperatives, credit unions, and nonprofit organizations, can apply for loans up to $5 million at one percent interest once the Farm Service Agency opens the two-month signup window in late August. After FSA selects lenders, heirs can apply directly to those lenders for loans and assistance.
Heirs may use the loans to resolve title issues by financing the purchase or consolidation of property interests and financing costs associated with a succession plan.
Additional information for lenders, including how to apply for funding, can be found in the HPRP final rule (PDF, 387 KB). To learn more about heirs property, HPRP, or UPHPA, visit farmers.gov/heirs/relending.