SB 26-64

Senate Bill 26-64 updates Colorado's Agricultural Future Loan Program by allowing certain entities like water districts and irrigation companies to receive funding from the program if they have support from a certified division. The bill also requires that loans prioritize land conservation and transferring ownership to new farmers or ranchers who need financial help. This means more types of organizations can now apply for these agricultural loans, with an emphasis on preserving farmland and supporting new farmers. Since it has been signed into law, the changes are now in effect.

Official Summary

The act modifies the Colorado agricultural future loan program (program) to permit certain eligible entities to receive funding from the program. An eligible entity is defined as an entity that is certified by the division of conservation (division) or an entity that:Is a district that has authority to conduct water activities, an irrigation district, or a ditch and reservoir company; andHas a letter of support from an entity certified by the division.     The act directs the commissioner of agriculture to adopt rules that prioritize awarding loans to eligible entities that seek to acquire and conserve agriculturally productive land and to transfer ownership of that land to an eligible farmer or rancher who qualifies for a loan from the program.(Note: This summary applies to this bill as enacted.)

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