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Federal Register / Vol. 86, No. 150 / Monday, August 9, 2021 / Rules and Regulations b Conditions. The conditions required for approval of writedown are:
1 Rescheduling, consolidation, reamortization, deferral or some combination of these options on all of the borrowers loans would not result in a feasible plan with a 110 percent debt service margin. If a feasible plan is achieved with a debt service margin of 101 percent or more, the Agency will permit a borrower to accept a nonwritedown servicing offer and waive the right to a writedown offer when the writedown offer will require additional time and appraisals to fully develop. If after obtaining an appraisal a feasible plan is achieved with and without a writedown and the borrower meets all the eligibility requirements, both options will be offered and the borrower may choose one option.

766.202

Amended
44. Amend 766.202 in paragraph a introductory text by removing the number 12 and adding the number 18 in its place.

PART 769FARM LOAN PROGRAMS
RELENDING PROGRAMS
45. The authority citation for part 769
continues to read as follows:

Authority: 5 U.S.C. 301, 7 U.S.C. 1989, and 25 U.S.C. 488.

46. Revise the heading for part 769 to read as set forth above.

769.101 through 769.125
as Subpart A

Redesignated
47. Redesignate 769.101 through 769.125 as subpart A under the following heading:

48. Add subpart B, consisting of 769.150 through 769.168, to read as follows:

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Subpart BHeirs Property Relending Program Sec.
769.150 Purpose.
769.151 Abbreviations and definitions.
769.152 Eligibility requirements of the intermediary.
769.153 Eligibility requirements of the ultimate recipient.
769.154 Authorized loan purposes.
769.155 Loan limitations.
769.156 Rates and terms.
769.157 Intermediarys relending plan.
769.158 Intermediarys loan application.
769.159 Processing loan applications.
769.160 Letter of conditions.
769.161 Loan agreements.
769.162 Security.
769.163 Loan closing.

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Post award requirements.
Loan servicing.
Transfers and assumptions.
Appeals.
Exceptions.

Subpart BHeirs Property Relending Program 769.150

Purpose.

a This subpart contains regulations for loans made by the Agency to eligible intermediaries that will make and service loans to ultimate recipients pursuant to requirements in this subpart. This subpart applies to intermediaries, ultimate recipients, and other parties involved in making such loans.
b The purpose of HPRP is to assist heirs with undivided ownership interests resolve ownership and succession issues on a farm that is owned by multiple owners. This purpose is achieved by providing loan funds to eligible intermediaries who will re-lend to individuals and entities for the purpose of developing and implementing a succession plan and to resolve title issues.
c Intermediaries receiving HPRP
loans must comply with this subpart, the HPRP loan agreement, the intermediarys relending plan approved by the Agency, the HPRP loan documents and security instruments and any other conditions that the Agency may impose in making a loan.
769.151

Abbreviations and definitions.

Abbreviations and definitions used in this subpart are found in 761.2 of this chapter.
769.152 Eligibility requirements of the intermediary.

Subpart AHighly Fractionated Indian Land Loan Program

769.164
769.165
769.166
769.167
769.168

a Eligible entity types. Cooperatives, credit unions, and nonprofit organizations are eligible to participate as intermediaries.
b Certification. The intermediary must be certified as a community development financial institution under 12 CFR 1805.201 to operate as a lender.
c Citizenship. The applicant and the members of the intermediary must be a U.S. citizen or qualified alien see 8
U.S.C. 1641. Each intermediary must certify to the citizenship requirement in the HPRP loan application.
d Experience. The intermediary must have:
1 The requisite experience and capability in making and servicing agricultural and commercial loans that are similar in nature to HPRP. If consultants will be used in the making and servicing of HPRP loans, the Agency will assess the intermediarys experience in choosing and supervising
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consultants based on information intermediaries include in their application describing the particular lending functions they typically rely on agents to fulfill and also describe their policies and procedures for monitoring these agents;
2 The legal authority necessary to carry out the proposed loan purposes and to obtain, provide security for, and repay the proposed loan; and 3 Demonstrated ability and willingness to repay the loan based on the intermediarys financial condition, managerial capabilities, and other resources.
769.153 Eligibility requirements of the ultimate recipient.

a The eligibility requirements for the ultimate recipient are:
1 Ultimate recipients must be individuals or legal entities, with authority to incur the debt and to resolve ownership and succession of a farm owned by multiple owners;
2 Individual ultimate recipients or members of entity ultimate recipients must be a family member or heir-at-law related by blood or marriage to the previous owner of the real property; and 3 The ultimate recipient must agree to complete a succession plan.
b The intermediary will determine the eligibility of the applicant to become the ultimate recipient in accordance with the rules provided in this subpart and in accordance with the intermediarys relending plan as approved by the Agency in the HPRP
loan agreement.
769.154

Authorized loan purposes.

a Loans to the intermediary. HPRP
loan funds must be used by the intermediary to provide direct loans to eligible ultimate recipients according to the rules provided in this subpart and pursuant to the HPRP loan agreement approved by the Agency.
b Loans to the ultimate recipients.
HPRP loan funds:
1 Must be used to assist heirs with undivided ownership interests to resolve ownership and succession of a farm owned by multiple owners;
2 Must be sufficient to cover costs and fees associated with development and implementation of the succession plan, including closing costs such as costs for preparing documents, appraisals, surveys, and title reports and other associated legal services such as fees incurred for mediation; and 3 May be used to purchase and consolidate fractional interests held by other heirs in jointly-owned property, and to purchase rights-of-way, water rights, easements, and other
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