Relates to eligibility under the New York state young farmers loan forgiveness incentive program; expands program to farmers who have produced agricultural products for no more than ten years.
STATE OF NEW YORK
________________________________________________________________________
1539
2021-2022 Regular Sessions
IN ASSEMBLY
January 11, 2021
___________
Introduced by M. of A. LUPARDO, BARRETT, SCHMITT -- read once and
referred to the Committee on Higher Education
AN ACT to amend the education law, in relation to eligibility and awards
for the New York state young farmers loan forgiveness incentive
program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 679-f of the education law, as added by section 1
2 of part Y of chapter 56 of the laws of 2014, is amended to read as
3 follows:
4 § 679-f. New York state young farmers loan forgiveness incentive
5 program. 1. Purpose. The president shall grant student loan forgiveness
6 awards for the purpose of alleviating the burden of student loan debt
7 for young farmers. Such awards shall be made on a competitive basis, in
8 accordance with rules and regulations promulgated by the corporation for
9 such purposes, to applicants who meet the eligibility criteria. Such
10 rules and regulations shall include provisions for the consideration of
11 applicants who are economically disadvantaged.
12 2. Eligibility. To be eligible for an award pursuant to this section,
13 applicants shall: (a) have graduated and obtained a degree from an
14 approved New York state college or university; (b) have an outstanding
15 student loan debt from obtaining such degree; (c) operate a farm in New
16 York state on a full-time basis; (d) agree to operate such farm for the
17 duration of no less than five years; (e) [apply for this program within
18 two years of college graduation] have produced an "agricultural product"
19 as defined by section three hundred twenty-eight of the agriculture and
20 markets law, for no more than ten consecutive years; and (f) comply with
21 subdivisions three and five of section six hundred sixty-one of this
22 part.
23 3. Awards. No greater than ten awards shall be granted to qualified
24 applicants in the amount of up to ten thousand dollars per year, per
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02880-01-1
A. 1539 2
1 applicant, not to exceed a duration of five years and not to exceed the
2 total amount of such applicant's student loan debt. The corporation
3 shall grant such awards within amounts appropriated for such purposes
4 and based on the availability of funds. No one applicant shall receive
5 more than a total of fifty thousand dollars upon the end of a five year
6 period.
7 4. Priority. First priority shall be given to applicants who are
8 completing the second, third, fourth or fifth year of full-time farm
9 operation and are re-applying to receive an award under this program.
10 Second priority shall be given to an applicant who can demonstrate
11 economic need but did not receive an award during [the first year of
12 this program's operation] a previous application period. If larger
13 numbers of applicants are eligible pursuant to this subdivision than
14 funds available, applicants shall be chosen pursuant to rules and regu-
15 lations promulgated by the corporation. Provided, however, that each
16 applicant chosen shall receive an award of up to ten thousand dollars in
17 each year such applicant is accepted into the program.
18 § 2. This act shall take effect on the ninetieth day after it shall
19 have become a law.
