CT HB07209

Establishes a farmland purchase and preservation loan program administered by the Department of Agriculture to help beginning farmers purchase farmland while protecting agricultural land through permanent easements.

Applicants must be at least 18 years old, have 3+ years of farming experience, have net worth not exceeding $100,000 (excluding primary residence), and be state residents purchasing farmland with at least 5 tillable acres located in the state.

Loans cannot exceed $500,000 per applicant and may not exceed 70% of the appraised preservation easement value; loans bear no interest with repayment terms up to 30 years, beginning after primary commercial financing is satisfied.

All purchased farmland must be subject to a permanent agricultural preservation easement at closing that runs in perpetuity and has priority status over other liens except subordination to commercial farming operation loans.

Creates a Preservation Loan Fund operated as a revolving fund using appropriations, grants, gifts, and loan repayments to issue additional loans; Commissioner of Agriculture has discretion to approve loans subject to Secretary of Office of Policy and Management veto within 30 days.