NY A02417

Creates a Farm Investment Fund administered by the Empire State Development Corporation in consultation with the Department of Agriculture and Markets to provide grants to eligible farmers for farm investments, infrastructure, equipment, marketing, and agricultural environmental management improvements

Establishes grant eligibility criteria requiring farmers to materially participate in agricultural production, demonstrate innovative farm investment plans, and develop formal business plans, with preference given to veterans, family farm transfers, and farm expansions

Limits individual grants to a maximum of $50,000 per beneficiary, subject to corporation guidelines, and requires beneficiaries to repay funds if they leave New York State or cease farming activity within five years

Appropriates $10,000,000 from the state general fund to the Empire State Development Corporation for the Farm Investment Fund program

Requires the corporation to submit annual reports by December 31st to the Director of the Budget and legislative leaders detailing total funds committed, applicant locations, and other relevant program information