Heirs’ Property Relending Program
The application deadline is October 29, 2021.
USDA is encouraging cooperatives, credit unions, and nonprofit organizations to apply for loans through the new Heirs’ Property Relending Program (HPRP). Through HPRP, USDA Farm Service Agency loans up to $5 million at a 1% interest rate to eligible lenders. Then, 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. Intermediary lenders must be certified as a community development financial institution and have experience and capability in making and servicing agricultural and commercial loans that are similar in nature.