Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS")
Section 123-052-1300 - Requirements for Beginning Farmers

Universal Citation: OR Admin Rules 123-052-1300

Current through Register Vol. 63, No. 9, September 1, 2024

(1) As required by federal law, a Beginning Farmer must:

(a) Be a "first-time farmer" within the meaning of Section 147(c)(2) of the Code. That section of the Code generally provides that a first-time farmer is an individual who has not at any time had any direct or indirect ownership interest in Substantial Farmland in the operation of which the individual has materially participated. However, in certain cases land that was disposed of while the individual was insolvent may be disregarded for this purpose. Dispositions of land while the individual was insolvent should be listed in the Application for Program financing.

(b) Be a principal user of the Financed Property.

(c) Materially and substantially participate in the operation of the farm of which the Financed Property is a part.

(d) Not have received tax-exempt financing under Section 147(c)(2) of the Code in an aggregate amount that, when added to the amount financed through the Program, exceeds the Federal Maximum.

(2) A Beginning Farmer must be a resident of the State of Oregon.

(3) Any property owned by an individual's spouse or minor children will be treated as owned by the individual. Any material participation in the operation of a farm by an individual's spouse or minor children will be treated as operation of that farm by the individual. Any receipt of Tax-exempt financing by an individual's spouse or minor children will be treated as receipt by the individual.

(4) A Beginning Farmer and Applicant's spouse must have total combined personal net worth of no more than $750,000, as evidenced by a signed, dated personal financial statement on a form satisfactory to the Department.

Stat. Auth.: ORS 285A.420 - 285A.435, ch. 742 OL 2013

Stats. Implemented: ORS 285A.420.420 - 285A.435, ch. 742 OL 2013

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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