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

1. (1) applicant is a United States citizen and a resident of the State of Texas;
2. (2) applicant provides evidence of the fact that the applicant's farm or ranch operation will be located within the state;
3. (3) applicant provides evidence that the proposed project is his or her first farm or ranch operation;
4. (4) applicant provides evidence of a minimum of 5.0% equity in the first farm or ranch operation; and
5. (5) applicant is an eligible applicant as set forth in the Act and this chapter.

Source Note:The provisions of this §30.4 adopted to be effective November 15, 1993, 18 TexReg 7539; amended to be effective November 3, 1994, 19 TexReg 8446.