The Heir Property Relending program is not yet accepting applications. Please submit an inquiry form to stay informed about program updates.
We are proud to report that the U.S. Department of Agriculture (USDA) announced Shared Capital Cooperative has been approved an intermediary lender through the Heirs’ Property Relending Program (HPRP) along with Akiptan, Inc. and the Cherokee Nation Economic Development Trust Authority. You can read the full press release from the USDA here.
The Heirs’ Property Relending Program represents a collaboration between Shared Capital Cooperative and the Federation of Southern Cooperatives. Shared Capital is an experienced community development loan fund with over four decades of experience making loans to cooperative enterprises, particularly focusing on those organized by low-income and other economically marginalized communities that have been excluded from access to capital from other sources. The Federation of Southern Cooperatives is an experienced technical assistance provider serving Black and other disadvantaged farmers.
Would you like to be added to our email list and be notified about program updates?
If you would like further assistance in understanding the Heirs’ Property Relending Program or would like to complete the financial literacy training for prospective borrowers? Please contact the Federation of Southern Cooperatives at firstname.lastname@example.org.
Again, we are not yet accepting applications, however, when the application does opens, applicants must adhere to the following eligibility requirements:
- Heir property must be located within one of the following states:
- South Carolina
- 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 heir property issues
- The applicant must either be a cooperative member or an individual member of the Federation of Southern Cooperatives
- The applicant must complete financial literacy training provided at no-cost by the Federation of Southern Cooperatives
- The applicant must complete an heir property landowner assessment provided by the Federation of Southern Cooperatives
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
- Personal property
- Farm operating costs
- Any other purpose prohibited by the USDA