Eligibility.

CFR · 2024-01-01 · US · Title 7

(a) (1) Possess the legal capacity to enter into a legally binding agreement; (2) Not have provided false or misleading documents or statements during past or present dealings with the Agency; (3) Not be ineligible due to disqualification resulting from Federal Crop Insurance violation, according to 7 CFR part 718; and (4) Not be suspended or debarred under 2 CFR parts 180 and 417. (b) (1) Is a beginning farmer or socially disadvantaged farmer engaged primarily in farming in the United States after the guarantee is issued. (2) Is the owner and operator of a family farm after the Contract is completed. Ownership of the family farm operation or the farm real estate may be held either directly in the individual's name or indirectly through interest in a legal entity. In the case of an entity buyer: (i) Each entity member's ownership interest may not exceed the amount specified in the family farm definition in § 761.2 of this chapter. (ii) If the applicant has one or more embedded entities, at least 75 percent of the individual ownership interests of each embedded entity must be owned by members actively involved in managing or operating the family farm. (iii) An ownership entity must be authorized to own a farm in the state or states in which the farm is located. An operating entity must be authorized to operate a farm in the state or states in which the farm is located. (iv) If the entity members holding a majority interest are related by blood or marriage, at least one member

official document · source cfr-2024 · id 7:§ 763.5