NJ A4229

New Jersey Economic Development Authority (NJEDA) must establish a beginning farmer loan program to help new farmers acquire agricultural land, improvements, and depreciable agricultural property

Eligible applicants must be state residents with low or moderate net worth who have never farmed, have farmed in New Jersey for 10 years or less, or qualify as first-time farmers under federal tax code

Loan recipients must demonstrate sufficient education, training, or experience for their proposed farming type and must materially participate in farming activities

Agricultural land, improvements, or equipment purchased with loan funds must be located in New Jersey and used only for farming by or under the direction of the beginning farmer

NJEDA may cooperate with federal programs including the Consolidated Farm Service Agency and Federal Land Bank in administering the loan program