Maryland “Next Generation” Aggie Bond Program
The Maryland Agricultural & Resource-Based Industry Development Corporation("MARBIDCO") is currently working with county governments to utilize Next Generation “Aggie Bonds” (taxable or tax exempt private activity bonds that help first-time farmers purchase farmland) to assist these counties with their critical farms and rural land preservation programs. Using Aggie Bonds MARBIDCO will facilitate a link with the county government, commercial mortgage lender, and a bond-buyer together with the farm seller and farm buyer to enable a farm property transfer to take place while preserving the land from future development. (Tax-exempt bonds are capped today at $477,000).
State Beginning Farmer Loan Programs