South Carolina § 48-59-150 - The Working Farmland Protection Fund.

§ 48-59-150. The Working Farmland Protection Fund.

(A) There is established in the State Treasury the Working Farmland Protection Fund for the purpose of providing permanent protection to working farmland properties whose continued availability to commercial agricultural businesses is essential to the long-term future of the economic sector. Balances in the fund must be retained and carried forward annually and interest earned on balances in the fund must be credited to the fund.

(B) The Working Farmland Protection Fund must be used by the bank only for the purpose of awarding grants to eligible trust fund recipients for the purchase of interests in farmland in which a landowner derives at least fifty percent of his income.

(C) When evaluating applications for grants under this section, the bank must use the criteria set forth in Section 48-59-70(D), except for Section 48-59-70(D)(9) and Section 48-59-70(D)(13), along with the following criteria:

(1) the authority of the owner of the working farmland property to make the subject farmland available via lease or transfer of the protected property to another farmer or other farmers so as to advance the goal of preserving and increasing access to farmland for new and expanding farms;

(2) the threat of conversion of the working farmland property such that it would become unavailable for commercial production of agricultural products;

(3) the percentage of soils classified by the United States Department of Agriculture as prime farmland, unique farmland, farmland of statewide importance, and farmland of local importance;

(4) the agricultural structures and improvements associated with the working farmland property;

(5) the economic viability of the working farmland property in terms of current and potential future commercial agricultural activities in local, regional, and statewide markets; connection of the working farmland property to agricultural services including processors, aggregators, and distributors; and the number of on-farm jobs supported by the working farmland property;

(6) the multiple natural resources values associated with the working farmland property, including open space land, forested land and wetlands, riparian buffers, wildlife habitat, and freshwater aquifers; and

(7) whether the working farmland is located or serving in an underserved or underprivileged community.

HISTORY: 2024 Act No. 117 (H.3951), SECTION 2, eff March 11, 2024.