The government is planning to pay $50 billion to lenders over a 30-year period to refinance land loans for farmers.
The money is part of the federal Farm Bill, which was passed in 2015, and was signed into law by President Donald Trump in 2018.
Farmers who were foreclosed on are expected to receive about $20 billion.
“The government is committed to helping farmers refinance their land and reduce their exposure to foreclosures,” said Secretary of Agriculture Tom Vilsack.
“With this program, farmers can receive their loan payments while also saving taxpayers millions of dollars each year.
We know that farmers, especially small farmers, are often left with the most debt and are often at risk of losing their farms.”
This is the first time the government has directly paid a debt forgiveness loan to a land lender.
The program is intended to help farmers avoid the risk of foreclosure and the financial consequences of foreclosure.
For some farmers, this may be the only way to repay a debt.
But for others, the only solution is to foreclose on their farms.
The government will repay the land loans to farmers through the Farm Bill over the next 30 years.
The total value of the land loan program is $30 billion.
Farmers eligible for this program will receive a refund of the full amount of the loan plus a 30 percent discount off the market value of their property.
The Federal Land Bank (FLB), which is part a regional bank and is the largest bank in the nation, will help land borrowers refinance loans.
Land borrowers can borrow up to $10,000 in a single loan and can refinance at a rate of 5 percent per year.
Land lenders will get credit on their loan balance for the first year.
If they refinance less than $10.5 million, they will have to pay back the full balance and interest over the 30- year period.
The first loan was offered to borrowers in the Midwest, while the second was offered in the Northeast.
The third loan was also offered in New York and the fourth was offered on a regional basis.
“If a land borrower refinances, they can use the refinancing funds to purchase an additional home for their family, which can help reduce their debt load and save them money on mortgage payments.” “
Refinancing a property can reduce the risk that the lender’s property could be foreclosed upon by defaulting on its principal, and the borrower will be reimbursed for the cost of refinancing a non-federal loan,” the statement said.
“If a land borrower refinances, they can use the refinancing funds to purchase an additional home for their family, which can help reduce their debt load and save them money on mortgage payments.”
If a land loan is paid off, the land lender will receive the full money back.
The federal government has been paying land banks more than $1.5 trillion in loan forgiveness over the past 30 years, and has been making more than 3.5 billion payments to land lenders since the passage of the Farm Act.
But the government doesn’t yet have a mechanism to help land lenders refinance mortgage debt for farmers who are facing foreclosure.
“While the Land Bank program is one of the most popular programs offered by the government, there are currently no federal programs that offer this relief to farmers,” said Karen Sperry, director of the Center for Rural Justice at the American Civil Liberties Union.
“We hope the federal government will continue to make this program available to land borrowers, which would give them an incentive to refinances.
This is a good step in helping the farmers who need it most.”