Eligibility requirements.

CFR · 2024-01-01 · US · Title 7

(a) The applicant must comply with the general eligibility requirements established in § 764.101. (b) The applicant and anyone who will sign the promissory note, except as provided in paragraph (c) of this section, must not have received debt forgiveness from the Agency on any direct or guaranteed loan. (c) The applicant and anyone who will sign the promissory note, may receive direct OL loans to pay annual farm operating and family living expenses, provided that the applicant meets all other applicable requirements under this part, if the applicant: (1) Received a write-down under section 353 of the Act; (2) Is current on payments under a confirmed reorganization plan under Chapter 11, 12, or 13 of Title 11 of the United States Code; or (3) Received debt forgiveness on not more than one occasion after April 4, 1996, resulting directly and primarily from a Presidentially-designated emergency for the county or contiguous county in which the applicant operates. Only applicants who were current on all existing direct and guaranteed FLP loans prior to the beginning date of the incidence period of a Presidentially-designated emergency and received debt forgiveness on that debt within 3 years after the designation of such emergency meet this exception. (d) In the case of an entity applicant, the entity must be: (1) Controlled by farmers engaged primarily and directly in farming in the United States; and (2) Authorized to operate the farm in the State in which the farm is located. (

official document · source cfr-2024 · id 7:§ 764.252