Eligibility:
- The applicant must be an individual(s) or legal entity with the authority to incur the debt and resolve ownership and succession of a farm owned by multiple owners
- The applicant must be a family member or heir-at-law related by blood or marriage to the previous owner of the property
- The applicant must agree to complete a succession plan to prevent future heirs’ property issues
- The applicant must either be a cooperative member or individual member of the Federation of Southern Cooperatives
- To be eligible for the Shared Capital Heir Relending Program, the heir property must be located within one of the following states:
- Alabama
- Georgia
- Louisiana
- Florida
- Mississippi
- South Carolina
Eligible loan uses include:
- Purchase and consolidation of fractional interests of other heirs to clear title to a farm
- Closing cost associated with purchase and consolidation of fractional interests
- Appraisals, title search, heir location services, filing fees and similar professional expenses
- Property surveys to establish legal ownership boundaries
- Mediation services to resolves disputes amongst heirs
- Documentation preparation, deed drafting, heirs agreements and other legal services related to farm succession planning
Funds may not be used for the following:
- Land improvements
- Property development
- Buildings
- Personal property
- Farm operating costs
- Any other purpose prohibited by the USDA