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CDFA Food and Agriculture Finance Update - August 10, 2021

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CDFA Food and Agriculture Finance Update
August 10, 2021
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CDFA Food & Agriculture Finance Update

Features

Supermarket Tax Credit Act Introduced to Address Food Deserts
The Supermarket Tax Credit for Underserved Areas Act was introduced in the U.S. House. The bipartisan legislation would incentivize the opening of a grocery store in a food desert, and create a tax credit for selling fresh fruit and vegetables. It would increase the work opportunity tax credit for these grocery stores hiring local residents, veterans, disadvantaged youth, and other workers with barriers to employment.

USDA Provides $67M in Loans to Help Resolve Land Ownership and Succession Issues
The U.S. Department of Agriculture (USDA) is providing $67 million in competitive loans through the new Heirs' Property Relending Program (HPRP), which aims to help agricultural producers and landowners resolve heirs' land ownership and succession issues. Intermediary lenders -- cooperatives, credit unions, and nonprofit organizations – can apply for loans up to $5 million at 1% interest once the Farm Service Agency (FSA) opens the two-month signup window.

New York Launches $35M Restaurant Return-to-Work Tax Credit Program
New York State's $35 million Restaurant Return-to-Work Tax Credit program is designed to help expand employment opportunities for workers and provide relief to COVID-impacted restaurants by offering a tax credit for the rapid hiring of restaurant workers to reduce the restaurant industry's pandemic-induced economic difficulties. Qualifying restaurants could receive a $5,000 tax credit per net new hire, totaling up to $50,000 in tax credits per business.

Federal COVID-19 Grants and Loans Still Available But Slow to Be Disbursed
Even as life slowly returns to normal, many small-business owners are struggling with keeping a venture they've had to reinvent afloat. They're hoping for relief through a recently expanded emergency COVID-19 program, the Economic Injury Disaster Loan (EIDL) program. But because of processing backlogs, efforts to prevent fraud and a general lack of awareness about the program, funds have been slow to trickle down to businesses when they say they need it most.

How to Make a Neighborhood Farm for an Entire Metropolis
The Working Farms Fund is an ambitious new program that buys large tracts of farmland in danger of being developed and leases it to farmers, helping them save enough to buy it — with a guarantee that local institutions like universities and hospitals will purchase as much food as the farmers want to sell them. The program is part of a new, national agricultural push by the Conservation Fund, a nonprofit organization that balances environmental preservation and economic development.

Historic Debt Relief for Minority Farmers Faces Legal Juggernaut
A string of legal defeats for a groundbreaking $4 billion program to forgive the debts of minority farmers is presenting the Biden administration with a stark choice. It can continue the fight and risk further setbacks or give up and disappoint activists and lawmakers who have championed the cause. Legal groups have filed at least 13 lawsuits arguing the debt relief effort unconstitutionally discriminates on the basis of race.

Restaurant Revitalization Fund Grants $1.6B In Texas, But Many Miss Out
Of the 101,000 restaurants and food businesses nationwide that were approved for grants from the now-empty $28.6 billion fund, 6,406 were Texas businesses that received a total of $1.6 billion. That left thousands of the state's restaurants unfunded. Restaurant industry leaders are lobbying for a second round of the federal program, arguing that the survival of countless businesses depends on it.

Food Incubator CommonWealth Kitchen Buys Its Space in Dorchester, MA
CommonWealth Kitchen, a nonprofit that helps food startups get off the ground, is settling into its permanent home. The City of Boston provided an initial $500,000 investment, which led to later investments from state and federal organizations. The City of Boston funded $2.5 million through a HUD grant to help purchase the building, and the Commonwealth of Massachusetts supplied $2.5 million in loans to supplement the total sticker price of $8.8 million.

Upcoming Events
CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for BIPOC-owned Businesses
Tuesday, August 17, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will be discussing creative financing approaches to minimize barriers and increase access to capital for minority-owned businesses across the country.

CDFA Rural Development Finance Webinar Series: Best Practices for Rural Development Finance Agencies
Tuesday, August 31, 2021 - 2:00 PM - 3:00 PM Eastern
During the third installment of the CDFA Rural Development Finance Webinar Series, discover best practices of development finance agencies to help you identify the right partner for your projects.

Food & Agriculture Finance News

CHISPA Receives $680K Loan for King City, CA Housing Development
King City Rustler | Aug. 4 | Access to Capital | Food Systems Finance | Housing Finance | Revolving Loan Funds (RLFs) | Social Finance

Oasis Fresh Market Brings Hope to Tulsa, OK Food Desert
Yahoo News | Aug. 4 | Access to Capital | Community Development | Food Systems Finance | Public-Private Partnership (P3) Financing

Madison, WI May Spend $4.7M for Grocery Space in Project
Wisconsin State Journal | Aug. 4 | Community Development | Food Systems Finance | Housing Finance | Public-Private Partnership (P3) Financing

Restaurant Takes Over Old Bank Building in Lake Zurich, IL
Daily Herald | Aug. 2 | Food Systems Finance | Public-Private Partnership (P3) Financing | Redevelopment | Tax Increment Finance (TIF)

Senate Ag Appropriations Includes Over $7B in Disaster Assistance in Bill
Ag Week | Aug. 2 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance

NJEDA Announces Additional $75M for Commercial Real Estate Projects
New Jersey Business Magazine | Jul. 29 | Access to Capital | Economic Development | Food Systems Finance | Housing Finance | Incentives | Member News | State Finance Program

What's Character-based Lending?
Common Future | Jul. 28 | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance

Michigan Strategic Fund Grants $1.25M to Flint, MI Co-op
Michigan Farm News | Jul. 28 | Community Development | Economic Development | Federal | Food Systems Finance

House Agriculture Committee Advances $8.5B Disaster Aid Bill
Progressive Farmer | Jul. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

AppHarvest Secures $91M Financing Arrangement With Equilibrium Capital
Yahoo Finance | Jul. 27 | Access to Capital | Agriculture Finance | Food Systems Finance | Green Finance | Innovation Finance | Resiliency

Financing Is Key to Food Systems Reform, Says Leaders at UN Event
Devex | Jul. 27 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Resiliency | Social Finance

Detroit, MI Mall Gets $403M Makeover to Include Housing, Food Market
Detroit Free Press | Jul. 27 | Brownfield Financing | Food Systems Finance | Housing Finance | Incentives | Public-Private Partnership (P3) Financing | Redevelopment | Tax Increment Finance (TIF)

Mayor of Denver, CO Proposes New Arena at National Western Center as Part of $450M Infrastructure Bond Proposal
Fort Morgan Times | Jul. 27 | Agriculture Finance | Bond Finance | Economic Development | Food Systems Finance | Infrastructure Finance | Case Studies

USDA Announces $16.6M in Funding Opportunities to Support Socially Disadvantaged and Veteran Farmers and Ranchers
USDA | Jul. 26 | Agriculture Finance | Federal | Social Finance | U.S. Dept. of Agriculture (USDA)

Native-Led Organizations Secure $3M to Expand Native-Led Entrepreneurship Support
Indian Country Today | Jul. 22 | Access to Capital | Economic Development | Food Systems Finance | Foundations | Revolving Loan Funds (RLFs) | Social Finance | Tribal Finance

How the Sacramento, CA Region Aims to End Food Insecurity
The Sacramento Bee | Jul. 22 | Community Development | Economic Development | Federal | Food Systems Finance | Social Finance | U.S. Dept. of Agriculture (USDA) | U.S. Environmental Protection Agency (EPA)

Virginia Finally Has Its First C-PACE Success Story, a Decade After Initial Law
Energy News Network | Jul. 15 | Energy Finance | Food Systems Finance | Local Finance Program | Property Assessed Clean Energy (PACE) | Case Studies


CDFA Resources

San Diego County Food Vision 2030
Agriculture Finance | Community Development | Economic Development | Food Systems Finance | Social Finance
San Diego County Food Vision 2030 holds a unique opportunity to build a better and stronger food system for all San Diegans, one that prioritizes health, sustainability, and justice. This ten-year plan provides our region with a clear pathway to improve the health of our local communities, environment, and economy.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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