The Minnesota Department of Agriculture’s (MDA) Rural Finance Authority (RFA) has announced details for the next round of funding for its popular Down Payment Assistance Grant program, which will open for applications on August 1, 2024. Deadline to apply is September 15, 2024.
The Down Payment Assistance Grant offers up to $15,000 for qualified farmers to purchase their first farm. Eligible applicants must earn less than $250,000 per year in gross agricultural sales, and each award must be matched with at least $8,000 of other funds. Applicants cannot be related by blood or marriage to the owner of the farmland that they intend to acquire.
While all eligible farmers are encouraged to apply, priority for this round of grants will be given to applicants with no more than $100,000 in annual gross farm product sales or applicants who are producers of industrial hemp, cannabis, or specialty crops.
After the application window closes, all eligible requests will be placed in a randomized lottery to determine the order in which grants are awarded, with the identified priority applicants being given precedence. If funding remains after the MDA has awarded grants to all priority applicants, the MDA will award as many grants as funding allows to all remaining applicants in the order of their lottery placement.
Applications will be accepted until 11:59 p.m. on September 15, 2024, and applicants will be notified of award decisions in late September.
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