# Beginning Farmer Loan Program Rule Update The Economic Development Finance Authority has updated rules for the Beginning Farmer Loan Program to reflect the Legislature's transfer of the program from the Value Added Finance Authority, updating legal references and modernizing procedures. Key changes include raising the maximum loan amount from $600,000 to $649,000 (plus inflation adjustments), shifting net worth eligibility decisions from fixed limits to a board-approved policy that the authority posts online, and reducing the public hearing notice period from 14 days to 7 days. The rules also simplify loan assumption procedures by requiring authority approval only for the assumption itself (not property transfers), allow lenders to assign loans to other regulated lenders without restricting where servicing occurs, and eliminate a repealed section on informal dispute settlements.
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The effect of the rules will be to adjust certain eligibility provisions, the application process, and lending procedures for the Beginning Farmer Loan Program. The proposed changes also make technical corrections and update statutory references following the Legislature’s transfer of responsibility for the program to the Economic Development Finance Authority.
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