An applicant may submit an application to the Authority if the applicant meets the following requirements:

1. (1) applicant is a resident of the State of Texas;
2. (2) applicant provides evidence of the fact that the applicant's proposed farm or ranch operation will be located within the state;
3. (3) applicant provides evidence that he/she has at least three years of experience relevant to the applicant's agriculture business plan;
4. (4) applicant provides evidence that his/her net worth (preferably computed in accordance with generally accepted accounting practices) together with the applicant's spouse and their dependents is less than $400,000;
5. (5) applicant intends to purchase the farm or ranch land for use by the applicant and family for the primary purpose of farming or ranching;
6. (6) applicant is worthy of credit after giving due regard to the security value of the farm or ranch land being acquired;
7. (7) applicant can demonstrate the existence of or provision for financing of necessary equipment, operating costs and normal improvements, together with the ability to repay all indebtedness of the applicant and provide for a reasonable standard of living for the applicant and family;
8. (8) applicant will disclose any and all business and familial affiliations of the applicant with members of the board, employees of the department, the staff and/or the lender which could present a conflict of interest; and
9. (9) applicant will agree to provide the lender and Authority annual reports of actual income and expense for the duration of the loan.

Source Note:The provisions of this §24.8 adopted to be effective June 16, 1995, 20 TexReg 4047; amended to be effective October 4, 1995, 20 TexReg 7595; 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.