This program was designed to assist beginning farmers in the state of Arkansas acquire agricultural property (land, buildings, equipment and breeding stock) at lower interest rates. The program enables lending institutions, individuals, partnerships and corporations to receive tax-exempt interest for direct loans or contract sales made to beginning farmers. A person must be a "First Time Farmer" to be eligible for assistance under the program. A "First-Time Farmer" is an individual who has not at any time had any direct or indirect ownership interest in substantial farmland which he operated or materially participated in operating. Substantial farmland is any parcel of land that has or has ever had a fair market value of $125,000 and/or is larger than 15 percent of the median size of a farm in the county in which the parcel is located.