What's happening
This bill increases the annual loan limit to agricultural producers from the housing development fund from $100,000 to $200,000.
Why it matters
Doubling the loan cap may enable agricultural producers to undertake larger or more capital-intensive projects. , such as upgrading equipment, expanding operations, or adopting new technologies, which previously may have been out of reach under the lower limit.
The increase in available funding could help producers better manage financial risks. associated with weather, pests, or market fluctuations, making their businesses more resilient.
Raising the limit may also encourage more participation in the loan program. , as the increased amount could make the program more attractive or relevant to a wider range of farm sizes and types, including those with greater financing needs.
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Headline styles
Raise Farm Loan Limits
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Raise Farm Loan Limits
In Assembly Committee · Housing · Sponsor Donna Lupardo
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6433
2019-2020 Regular Sessions
IN SENATE
June 11, 2019
Introduced by Sen. METZGER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the private housing finance law, in relation to increasing the annual amount of loans made to an agricultural producer from the housing development fund
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (b) of subdivision 2 of section 576-d of the private housing finance law, as amended by chapter 428 of the laws of 2004, is amended to read as follows:
(b) the total amount of loans made to any single agricultural producer shall not exceed [one] two hundred thousand dollars per annum;
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11268-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to increasing the annual amount of loans made to an agricul- tural producer from the housing development fund
Purpose or general idea of bill
The purpose of this legislation is to increase the amount of loans made to an agricultural producer from the farmworker housing project fund from $100,000 to $200,000.
Summary of provisions
Section 1: Paragraph (b) of subdivision 2 of section 576-d of the Private Housing Law is amended.
Section 2: Effective date.
Justification
The Farmworker Housing Project loan fund was established in 1995 to allow the use of the Housing Development Funds to be used to help agri- cultural producers to provide safe and affordable housing for migrant farmworkers. The program allows agricultural producers to maintain and improve current or construct new housing stock, thus benefitting both the farmers and the farm workers they employ.
The current amount of a loan for agricultural producers is $100,000 this amount has not been increased since the program was started over twenty years ago. This legislation will increase the loan amount to $200,000 to better reflect inflation and the increased cost of construction. The Farmworker Housing Project loan fund program has been very successful program and has been well received by farmers.
Prior legislative history
This is new legislation.
Fiscal implications for state and local governments
This legislation has no fiscal implications.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.