Down Payment Assistance Program Available for Beginning Farmers
ST. PAUL (WJON News) - Applications are now available for help buying your first farm.
The Minnesota Department of Agriculture has opened the application window for the Down Payment Assistance Program, which offers a dollar-for-dollar match of up to $15,000 for small farmers looking to purchase farmland.
The program will be administered by the Rural Finance Authority.
Applicants must be Minnesota residents that earn less than $250,000 per year in gross agricultural sales and plan on providing a majority of the day-to-day physical labor on the farm for at least five years.
This round of applications started January 4th and will continue until an applicant pool of 100 is formed, or May 15th, 2023, whatever comes first.
The Minnesota legislature allocated $500,000 for the grants, and officials expect to award up to 40 grants. A second round of applications will open on July 1st.
For more information, find the details here.