§ 273. Farmers loan program; eligibility; application

(a) The Vermont Rehabilitation Corporation shall establish a family farm assistance loan program to: strengthen existing farms, encourage diversification and innovative farming techniques, increase energy efficiency and reduce energy consumption, and assist beginning farmers to start new farms, provided that beginning farmers will not produce commodities that are already in surplus.

(b) In order to be eligible an applicant shall be:

(1) a family farmer who is a resident of this State;

(2) an owner or prospective purchaser of agricultural land in the State or depreciable farm machinery, equipment, or livestock to be used in the State;

(3) a person of sufficient education, training, or experience in the type of farming for which the applicant requests the loan;

(4) an operator or proposed operator of a farm for whom the loan reduces investment costs to an extent that offers him or her a reasonable chance to succeed;

(5) a credit-worthy person under such standards as the Vermont Rehabilitation Corporation may, in its discretion, establish; and

(6) in compliance with the requirements of subdivisions 262(2) through (4) and subdivisions (6) through (10) of this title. For purposes of this subchapter, the terms "eligible facility" and "facility" as used in section 262 shall be defined to include all farming operations.

(c) Applicants for the family farmer assistance loan program under this subchapter shall apply to the Vermont Rehabilitation Corporation, which shall review proposed farm projects, and the applicant's qualifications and grant loans under the provisions of this subchapter, subject to such reasonable terms and conditions as the Vermont Rehabilitation Corporation deems appropriate.

(d) Any person who obtains a loan under this subchapter shall not be eligible for loan assistance under subchapter 5 of this chapter during the period in which the subchapter 6 loan is outstanding.

(e) All meetings of the Vermont Rehabilitation Corporation board of directors that concern the family farm assistance program shall be subject to 1 V.S.A. chapter 5, subchapter 5. (Added 1985, No. 81, § 1; amended 1993, No. 89, § 3(b), eff. June 15, 1993.)