Rural Finance Authority
Also known as:
Minnesota Rural Finance Authority
Active dates:1988 -
Function: Develop Minnesota's agricultural resources by extending credit on farm real estate security and depreciable agricultural property (improvements, machinery, animals). Purchases participation interests in loans and sells Agricultural Development Revenue Bonds to agricultural lenders or farmers for the purchase of these agricultural items.
The legislature established the RFA during the farm credit crisis of the 1980s to help eligible farmers restructure mounting debt.
As of 2015, The board consists of the commissioners of agriculture (chair), management and budget (vice chair), employment and economic development, and commerce, as well as the state auditor. The governor appoints an additional six public board members who must be approved by the Senate. Public board members may not reside in the seven-county Twin Cities metro-
The Authority is administered by the Minnesota Department of Agriculture.
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