§ 679-f. New York state young farmers loan forgiveness incentive
program. 1. Purpose. The president shall grant student loan forgiveness
awards for the purpose of alleviating the burden of student loan debt
for young farmers. Such awards shall be made on a competitive basis, in
accordance with rules and regulations promulgated by the corporation for
such purposes, to applicants who meet the eligibility criteria. Such
rules and regulations shall include provisions for the consideration of
applicants who are economically disadvantaged.

2. Eligibility. To be eligible for an award pursuant to this section,
applicants shall: (a) have graduated and obtained a degree from an
approved New York state college or university; (b) have an outstanding
student loan debt from obtaining such degree; (c) operate a farm in New
York state on a full-time basis; (d) agree to operate such farm for the
duration of no less than five years; (e) have produced an "agricultural
product" as defined by section three hundred twenty-eight of the
agriculture and markets law, for no more than ten consecutive years; and
(f) comply with subdivisions three and five of section six hundred
sixty-one of this part.

3. Awards. Awards shall be granted to qualified applicants in the
amount of up to ten thousand dollars per year, per applicant, not to
exceed a duration of five years and not to exceed the total amount of
such applicant's student loan debt. The corporation shall grant such
awards within amounts appropriated for such purposes and based on the
availability of funds. No one applicant shall receive more than a total
of fifty thousand dollars upon the end of a five year period.

4. Priority. First priority shall be given to applicants who are
completing the second, third, fourth or fifth year of full-time farm
operation and are re-applying to receive an award under this program.
Second priority shall be given to an applicant who can demonstrate
economic need but did not receive an award during a previous application
period. If larger numbers of applicants are eligible pursuant to this
subdivision than funds available, applicants shall be chosen pursuant to
rules and regulations promulgated by the corporation. Provided, however,
that each applicant chosen shall receive an award of up to ten thousand
dollars in each year such applicant is accepted into the program.