WHO IS AN ELIGIBLE BEGINNING FARMER?
Top A qualified beginning farmer must be of low or moderate net worth. Code of Iowa 175.2.12 defines this as not more than $300,000. For a partnership, an aggregate net worth of all partners, including each partner’s net capital in the partnership, and each partner’s co-applicant and minor children shall not be more than $600,000. However, the aggregate net worth of each partner and that partner’s co-applicant and minor children may not exceed $300,000. For a family farm corporation, an aggregate net worth of all shareholders, including the value of each shareholder’s share in the family farm corporation and each shareholder’s co-applicant and minor children are not to exceed $600,000. However, the aggregate net worth of each shareholder and that shareholder’s co-applicant and minor children may not exceed $300,000. For a family farm limited liability company, an aggregate net worth of all members, including the value of each member’s share in the family farm limited liability company
