Making Farmland Affordable
Making Farmland Affordable
Finding affordable farmland is the biggest barrier facing new farmers. Massachusetts has the fourth highest farmland value in the country.
One of the most powerful tools available to land trusts to preserve farmland and make it affordable over the long term to a new farmer is the ground lease. As seen in this video, Greenbelt had an opportunity to pilot this model with the former Green Meadows Farm in Hamilton and Topsfield, which Greenbelt acquired in 2019.
Elements of a Ground Lease
- Greenbelt owns the land, but enters into a 99-year, inheritable lease with a farmer for the use of the land. This provides stability and gives a farmer confidence to invest in the operations and the land.
- The farmer has the opportunity to build equity through the construction of agricultural infrastructure on the land.
- The farmer owns all of the farm and residential infrastructure and can sell it at agricultural value to the next lessee of the land (or pass it on to their heirs).
Farm Viability
With the security of long-term tenure, and the ability to build equity, the farmer can qualify for the grants and loans critical to investing in and growing their farm business. The ground lease gives a farmer all the financial security and benefits of land ownership, without having to buy the land.
After an extensive search and application review process by a committee comprised of Greenbelt staff, Board members, local farmers, and community members, Greenbelt chose Iron Ox Farm to be the new farmer at the former Green Meadows.
Watch this video to learn more about Iron Ox Farm.