Lenders Can Now Apply for New Heirs’ Property Relending Program
Intermediary lenders can now apply for loans through the new Heirs’ Property Relending Program, known as HPRP. The Department of Agriculture is accepting applications through October 29th, and cooperatives, credit unions and nonprofit organizations are encouraged to apply for the competitive loans. The loans ultimately help agricultural producers and landowners resolve heirs’ land ownership and succession issues.
Farm Service Agency Administrator Zach Ducheneaux stated, “Heirs’ property issues have long been a barrier for many producers and landowners to access USDA programs and services.”
The relending program provides access to capital to help producers find a resolution to these issues. Through HPRP, FSA loans up to $5 million at a one percent interest rate to eligible lenders. Those eligible lenders will reloan funds to heirs to help resolve title issues by financing the purchase or consolidation of property interests and financing costs associated with a succession plan.
USDA will host a webinar on September 15th for interested lenders.
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