Intermediary lenders can now apply for loans through the US Department of Agriculture’s new Heirs’ Property Relending Program, known as HPRP.
USDA is accepting applications through October 29, 2021, and cooperatives, credit unions and nonprofit organizations are encouraged to apply for the competitive loans. The loans ultimately help agricultural producers and landowners resolve heirs’ land ownership and succession issues.
Farm Service Agency Administrator and South Dakota rancher Zach Ducheneaux states, “Heirs’ property issues have long been a barrier for many producers and landowners to access USDA programs and services.”
The relending program provides access to capital to help producers find a resolution to these issues. Through HPRP, FSA loans up to $5 million at a 1% interest rate to eligible lenders. Those eligible lenders will reloan funds to heirs to help resolve title issues by financing the purchase or consolidation of property interests and financing costs associated with a succession plan. USDA will host a webinar Sept. 15, 2021, for interested lenders.
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