Establishes a Farmland Preservation Loan Program in Kentucky for agricultural property purchases and improvements.
The bill creates a Farmland Preservation Loan Program in Kentucky, allowing the Kentucky Agricultural Finance Authority to establish, administer, and fund the program. It enables the authority to enter into agreements with participating lenders to purchase interests in promissory notes for qualified borrowers. These borrowers can use the funds to buy or improve agricultural properties within the state. The program aims to support agricultural investments and preserve farmland.
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