While farmers pay pass on their property and agricultural equipment to their ancestors, some people who want to get into the business aren't fortunate enough to have land in their families.
However, the U.S. Department of Agriculture recently announced an initiative that could help new or disadvantaged farmers gain the property they need to partake in their chosen profession. Through the Transition Incentives Program, retired farmers can pass their land along to new owners.
"The Transition Incentives Program is one more tool in the USDA toolkit to protect family farms and support beginning and socially disadvantaged farmers," Deputy Agriculture Secretary Kathleen Merrigan said.
Retiring farmers who want to take part need to meet certain requirements, including having their land in the Conservation Reserve Program. They must also allow the new producers to make land conservation improvements on the property.
Current owners must also agree to sell or have a long-term lease with a minimum of five years to the new farmer. If these are met, the TIP will provide payments to the retiring farmer.
The program is part of wider efforts from the USDA to encourage rural development, specifically giving younger people incentives to stay in these areas by providing economic opportunities.
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