(a) In order to receive loan moneys from the Foundation for the purchase and preservation of farmlands the following eligibility criteria shall apply:
(1) The loan recipient shall be at least 18 years of age and no older than 40 years of age at the time a loan application is submitted to the Foundation.
(2) The loan recipient at the time of loan application shall have at least 3 years of farming or agriculturally related activity experience.
(3) The loan recipient at the time of loan application shall have a net worth of no more than $300,000.
(4) The loan recipient shall be required to take title to the farmland in an individual name.
(5) The farmland subject to purchase shall contain at least 15 tillable acres.
(6) The loan recipient prior to the receipt of loan moneys shall not own or have an ownership interest in more than twice the tillable acres of farmland than the amount of tillable acres subject to purchases with loan moneys.
(7) The farmland shall be located in the State of Delaware.
(8) Loan applicants shall be residents of the State of Delaware.
(9) The farmland subject to purchase may be comprised of a combination of tillable acres, forestlands or wetlands; provided however, that the farmland property is zoned for agricultural usage.
(10) The farmlands being purchased shall not be subject to an existing preservation easement, conservation easement or similar limitation which restricts residential or commercial development.
(11) Loan applicants shall contractually commit that they will be actively engaged in agricultural usage of the purchased farmland during the term of the Foundation loan.
(b) The Foundation shall be entitled to adopt a loan application form requesting information from the loan applicant which includes, but is not limited to, information regarding loan eligibility.
78 Del. Laws, c. 157, § 1.
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