1. (a) Required information.

   1. (1) the applicant's name and address;
   2. (2) the applicant's social security number;
   3. (3) the applicant's agricultural experience;
   4. (4) a completed personal history questionnaire;
   5. (5) a current credit bureau report and/or two credit references;
   6. (6) information and/or letters of commitment regarding other funding sources, if applicable;
   7. (7) disclosure of any and all business affiliations of the applicant with members of the Authority, employees of the department and the staff which could present a conflict of interest; and
   8. (8) any other information which the applicant, the lender, or the Authority decides may be useful in the determination of the applicant's eligibility and/or creditworthiness.
2. (b) Financial statement. Financial statements, preferably based in accordance with generally accepted accounting principles, should be typed or written in ink, dated (no more than three months old), and signed by the applicant and spouse, if applicable. Printed forms of lending institutions will be accepted. A financial statement will be required from each person/entity who will become personally liable on the loan.
3. (c) Business plan. A business plan for the applicant's proposed operation, including the land acquisition must provide assurance to the Authority that the applicant intends to use the land purchased primarily for farming or ranching. The plan must provide a comprehensive overview of the proposed operation and evidence of sufficient cash flow of the applicant for the requested financing and all other indebtedness. The assumptions on which the plan is based must be provided, including the interest rate used.
4. (d) Tax returns. The applicant's complete tax returns including W-2 forms, if applicable, for the preceding three years.
5. (e) Farm or ranch land appraisal. An appraisal of the farm or ranch land, as completed in compliance with Federal law, must be submitted which identifies the appraised market value of the farm or ranch land. The appraisal must be completed by an appraiser, selected by the lender, who is duly qualified to perform such task. A letter stating the appraiser's qualifications and experience must be submitted with the appraisal.

Source Note:The provisions of this §24.10 adopted to be effective June 16, 1995, 20 TexReg 4047; amended to be effective July 1, 1996, 21 TexReg 5685; amended to be effective September 16, 1997, 22 TexReg 9243; amended to be effective November 28, 1999, 24 TexReg 10319; amended to be effective August 26, 2001, 26 TexReg 6099.