To revise the Farmland Protection Program of the Department of Agriculture.

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.