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NCOSAFP & CDFA Food and Agriculture Finance Update - June 13, 2017

CDFA Food and Agriculture Finance Update
June 13, 2017
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NCOSAFP & CDFA Food and Agriculture Finance Update


USDA Invests $17.5M for Sustainable Agriculture Economy
The U.S. Department of Agriculture's (USDA) National Institute of Food and Agriculture (NIFA) today announced 47 grants totaling nearly $17.5 million to improve sustainable agriculture and help rural communities thrive.

MN Passes First of Its Kind Beginning Farmer Tax Credit
It's a historic win for Minnesota young and beginning farmers as a first in the nation land access bill was signed by Governor Mark Dayton. Authored by Rep. Nels Pierson (R-Rochester) and Sen. Mike Goggin (R-Redwing), the bill supports the transition of land to young and beginning farmers through a tax credit incentive.

MI Good Food Fund Tops $10.5M in Statewide Food Investments
Six food enterprises in Grand Rapids, Kalamazoo, Southeast Michigan, and the Upper Peninsula received financing from the Michigan Good Food Fund, marking more than $10.5 million in investments since its launch two years ago.

VA Adopts Food Crops Donation Tax Credit
The Food Crops Donation Tax Credit was approved by the General Assembly in Virgina last year. It allows Virginia farmers who donate edible food crops to a nonprofit food bank to receive up to a 30 percent tax credit for their donation.

$700K RLF Loan Supports South Bend Indoor Farming
The vertical farming facility would be a place where green leafy vegetables would be grown year-round, under artificial light, and carefully controlled conditions. The proposed indoor growing facility would stand a story and a half tall and be window-less. Members of South Bend's Industrial Revolving Loan Fund Board have tentatively approved a $700,000 loan for the project.

Farm Owner Tax Credit Reaches MN Conference Committee
A credit included in the Minnesota Legislature's omnibus tax bill would be the first in the nation to provide financial benefit to farmland owners who sell their land to beginning farmers. The credit would equal 5 percent of the sale price, 10 percent of the cash rent fee or 15 percent of the crop share value.

State Incentives May Be Used to Target Food Deserts in MI
The Michigan Economic Development Corporation has a community revitalization fund that can be expanded to include grocery stores. It was recently used to help a Meijer store in Grand Rapids, but could be used for small bodega-type stores as well.

USDA Programs in the Local Food Supply Chain
This chart from the USDA outlines the current federal financing programs which are available for each segment of the local food supply chain.

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MN Agriculture Finance Bills Signed into Law
Minnesota Farm Guide | Jun. 8 | Agriculture Finance

Business Growth in South Jersey on the Upswing with Incentives
Commerce | Jun. 2 | Incentives | Tax Credits | Economic Development | Food Systems Finance

Upscale Restaurant Seeking TIF Funding For Move in East TN
The Greeneville Sun | Jun. 1 | Food Systems Finance | Tax Increment Finance (TIF)

The National Council of State Agricultural Finance Programs provides national representation for states that operate finance programs for farmers, ranchers, and the agricultural industry. Organized in 1984, the NCOSAFP is a non-profit organization that provides a forum for sharing ideas and serves as an information clearinghouse for its member state agencies. The Council provides information about state programs on farm finance issues and legislation developing in Washington, D.C. In addition, the Council is involved in the promotion and support of rural economic development programs. For more information about NCOSAFP, visit www.stateagfinance.org.

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


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