Minnesota and North Dakota Assistance Programs Available to Farmers
RCED-87-143FS: Published: Jun 9, 1987. Publicly Released: Jun 9, 1987.
- Full Report:
Pursuant to a congressional request, GAO provided information on state agricultural financial assistance programs and farmers' property protection measures in North Dakota and Minnesota.
GAO found that: (1) Minnesota's assistance programs include financial assistance in restructuring debt, subsidized interest rates, deferral of interest due, and state loan guarantees; (2) Minnesota's property protection measures can delay foreclosure and repossession actions and allow farmers to maintain a security interest in farm production after foreclosure; (3) North Dakota's assistance programs include direct loans, financial assistance in restructuring debt, deferral of interest due, and a state-supported linked deposit system; (4) North Dakota's property protection measures include foreclosure relief during periods of depressed farm prices and other measures to delay foreclosure and prevent undue hardship; and (5) the states enacted most of the financial assistance measures in 1986 in response to the farm crisis, but many of North Dakota's property protection measures dated back to the 19th century.