Amends the Food Security Act of 1985 to revise the farmland protection program.
Includes as eligible program land woodlots, wooded corners, and forested riparian areas that comprise up to 50% of the offered acreage.
Gives priority to farm and ranchland: (1) with prime, unique, or other productive soils at risk of nonagricultural development; (2) that will stay in production agriculture; (3) in rural communities that face intense pressure for conversion to nonagricultural use; or (4) in areas that have locally-led land-use planning and zoning strategies.
Provides for: (1) grants to eligible entities to protect agricultural production capacity by limiting incompatible nonagricultural land use; and (2) grant agreements with eligible entities to purchase conservation easements using a combination of their own funds and grant funds.
Sets forth reversionary interest and cost-sharing provisions.