Eligibility.

CFR · 2024-01-01 · US · Title 7

(a) (2) The applicant may propose a homestead protection site. Any proposed site is subject to Agency approval. (3) The proposed homestead protection site must meet all State and local requirements for division into a separate legal lot. (4) Where voluntary conveyance of the property to the Agency is required to process the homestead protection request, the Agency will process any request for voluntary conveyance according to § 766.353. (b) (1) Must be the owner, or former owner from whom the Agency acquired title of the property pledged as security for an FLP loan. For homestead protection purposes, an owner or former owner includes: (i) A member of an entity who is or was personally liable for the FLP loan secured by the homestead protection property when the applicant or entity held fee title to the property; or (ii) A member of an entity who is or was personally liable for the FLP loan that possessed and occupied a separate dwelling on the security property; (2) Must have earned gross farm income commensurate with: (i) The size and location of the farm; and (ii) The local agricultural conditions in at least 2 calendar years during the 6-year period immediately preceding the calendar year in which the applicant applied for homestead protection; (3) Must have received 60 percent of gross income from farming in at least two of the 6 years immediately preceding the year in which the applicant applied for homestead protection; (4) Must have lived in the home during the 6-year

official document · source cfr-2024 · id 7:§ 766.152