DE SB117

Establishes a farmland purchase and preservation loan program administered by the Foundation to help young farmers acquire agricultural land in Delaware.

Loan recipients must be between 18-40 years old, have at least 3 years of farming experience, net worth not exceeding $300,000, and be Delaware residents.

Maximum loan amount is $500,000 per individual, capped at 70% of the appraised preservation easement value of the farmland being purchased.

All farmland acquired through the program must be subject to a permanent, non-subordinable preservation easement that prohibits residential use and restricts the property to agricultural purposes in perpetuity.

Loans bear no interest, are subordinated to commercial financing for farm purchases, and repaid funds are reinvested in the program to preserve additional farmland.