ALBANY — Earlier this week, Governor Hochul signed into law A1539/S4082, sponsored by State Agriculture Committee Chairs Assemblywoman Donna Lupardo and Senator Michelle Hinchey. The bill expands eligibility for the NYS Young Farmers Loan Forgiveness Incentive Program to allow more young farmers access to the program. The bill was unanimously passed through both chambers of the Legislature.
Previously, eligibility for the incentive program was contingent on the applicant having graduated from college within the previous two years. Under this legislation, eligibility is changed to any person who has not farmed for more than ten consecutive years, allowing for recent graduates to pursue more post-graduate on-farm experience prior to pursuing an agricultural management role.
Student debt is a large barrier to farm ownership for beginning farmers. When coupled with the high capital realities of farming, student debt can prevent new farmers from entering the field altogether. To encourage a younger generation of farmers, this legislation opens eligibility to more borrowers for student loan forgiveness. This will create a much-needed incentive for young graduates to become farmers.
Assemblymember Donna Lupardo, Assembly Chair of Agriculture said, “Given the increasing age of many of New York’s farmers, it’s important for us to encourage the next generation by minimizing one of the barriers to entry. Expanding access to the loan forgiveness incentive program demonstrates our support for young farmers on whom the future of farming depends. I’d like to thank Senator Hinchey for her partnership and Governor Hochul for her support of this important initiative.”
Senator Michelle Hinchey, Senate Chair of Agriculture said, “With the average age of a New York farmer ever increasing, the future of our food supply and our ability to keep this leading economic driver in place largely depends on helping the next generation of farmers enter this extremely high cost-to-enter field. I thank Governor Hochul for signing my bill with Assemblymember Lupardo expanding eligibility through the NYS Young Farmers Loan Forgiveness Incentive Program, making it more feasible for young people to start a career in farming while having more money in the bank to invest in their businesses. I’ll continue to bolster smart economic incentives that put a young and diverse generation of farmers in the best position to lead the charge of New York’s top industry.”
–The Office of Assemblymember Donna Lupardo