Delaware Code Title 3 Sec. 948 – Administration
(a) In carrying out the responsibilities of administering the loan program the Foundation shall be entitled to:
(1) Adopt an application and other forms for processing applications and closing loan transactions.
(2) Establish a prequalification system for potential loan applicants.
(3) Establish schedules and timelines for processing applications and making loan decisions.
(4) Require the submission by applicants of a farm plan which includes a loan repayment plan.
(5) Provide assurances to commercial or other lenders regarding willingness to subordinate Foundation loans to commercial or other loans needed to acquire farmland.
(6) Structure and restructure the payment provisions of loans, provided however, that payments due the Foundation under any loan shall not be forgiven in whole or in part.
(7) Have appraisals performed under an appraisal methodology approved by the Foundation to determine the fair market value and preservation easement value of loan eligible farmland property.
(8) Develop selection criteria for approving loans involving competing applicants, with emphasis on selecting on a priority basis the loan applicant or applicants who request a loan with the lowest percentage value of the appraised preservation easement value of the eligible farmland.
(9) Subordinate Foundation loans to commercial financing provided to support farming operations conducted on the purchased farmlands.
(10) Cooperate with commercial lenders and others providing financing for the purchase of eligible farmlands to facilitate the successful completion of purchase transactions.
(11) Establish a system for annual reporting by loan recipients to assure that the loan recipients are actively engaged in agricultural usage of the acquired farmlands.
Terms Used In Delaware Code Title 3 Sec. 948
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(b) The Foundation shall be entitled to advertise and promote the loan program, and create public awareness of the agricultural land preservation, open space and environmental benefits which the program provides.
(c) The Foundation shall be entitled to adopt rules of practice and procedure for administering the loan program.