Eligibility.

CFR · 2024-01-01 · US · Title 7

(a) (1) The borrower must have operated the farm in a county designated or declared a disaster area or a contiguous county at the time of the disaster. Farmers who have rented out their land base for cash are not operating the farm. (2) The borrower must have acted in good faith, and the borrower's inability to make the upcoming scheduled loan payments must be for reasons not within the borrower's control. (3) The borrower cannot have more than one installment set aside on each loan. (4) As a direct result of the natural disaster, the borrower does not have sufficient income available to pay all family living and farm operating expenses, other creditors, and debts to the Agency. This determination will be based on: (i) The borrower's actual production, income and expense records for the year the natural disaster occurred; (ii) Any other records required by the Agency; (iii) Compensation received for losses; and (iv) Increased expenses incurred because of the natural disaster. (5) For the next production cycle, the borrower must develop a feasible plan showing that the borrower will at least be able to pay all operating expenses and taxes due during the year, essential family living expenses, and meet scheduled payments on all debts, including FLP debts. The borrower must provide any documentation required to support the farm operating plan. (6) The borrower must not be in non-monetary default. (7) The borrower must not be ineligible due to disqualification resulting from Fede

official document · source cfr-2024 · id 7:§ 766.52