By Scout Nelson
The Minnesota Department of Agriculture’s (MDA) Rural Finance Authority (RFA) has announced details for the next round of funding for its popular Down Payment Assistance Grant program.
Applications will open on August 1, 2024, offering up to $15,000 for qualified farmers to purchase their first farm.
Eligible applicants must earn less than $250,000 per year in gross agricultural sales and match each award with at least $8,000 of other funds. Applicants cannot be related by blood or marriage to the owner of the farmland they intend to acquire.
While all eligible farmers are encouraged to apply, priority will be given to applicants with no more than $100,000 in annual gross farm product sales or those who are producers of industrial hemp, cannabis, or specialty crops.
After the application window closes, all eligible requests will be placed in a randomized lottery to determine the order in which grants are awarded. Priority applicants will be given precedence.
If funding remains after awarding grants to all priority applicants, the MDA will award as many grants as funding allows to remaining applicants based on their lottery placement.
Applications will be accepted until 11:59 p.m. on September 15, 2024. Applicants will be notified of award decisions in late September.
Awards will remain valid for purchases closing within six months after award approval or until June 30, 2025, whichever is sooner. Farm purchases must take place after approval of the application, as the MDA cannot award grants retroactively for prior purchases.
Leading up to the application window opening, the MDA and Farmland Access Hub are hosting a series of informational webinars for prospective applicants.
Each webinar will focus on a different topic related to the grant program and the farm-buying process. Details on each session and how to join are below:
Grant Overview and Preparation for Buying a Farm
Tuesday, July 23, 4-5 p.m.
Join through Zoom.
Affordability and Financing Your Farm Purchase
Wednesday, July 24, 4-5 p.m.
Join through Zoom.
Finding and Securing Farmland
Tuesday, July 30, 4-5 p.m.
Join through Zoom.
Detailed Review of Grant RFP
Wednesday, July 31, 4-5 p.m.
Join through Zoom.
For more information and to register for the webinars, please visit the MDA website.
Photo Credit: minnesota-department-of-agriculture
Categories: Minnesota, Education