CA AB986

Establishes the Regional Economies and Equity in Agricultural Lands Act of 2019 (REEAL Act) to address loss of approximately 50,000 acres of farmland and rangeland per year in California.

Creates the Regional Economies and Equity in Agricultural Lands Program and Fund under the Department of Conservation in consultation with the Department of Food and Agriculture.

Requires grants to eligible conservation entities for fee-title acquisition and agricultural conservation easements that protect agricultural lands and make them accessible to socially disadvantaged farmers and ranchers through ownership or long-term leases.

Directs grants to eligible assistance entities for down payment assistance, interest rate assistance, infrastructure improvements, and technical assistance to help socially disadvantaged farmers and ranchers secure financing for land acquisition or leasing.

Prioritizes grant awards to California Native American tribes, nonprofit organizations and cooperative corporations with boards composed of at least a majority of socially disadvantaged farmers, ranchers, or disadvantaged community residents.