House Agriculture Committee Fact Sheet on Build Back Better Provisions
The agricultural provisions in the Build Back Better plan include billions of dollars for critical investments in agriculture and our rural communities. Included in this package are multiple bipartisan proposals that House Agriculture Committee Members have fought to include. These timely investments will provide resources to mitigate climate change, improve the quality of life in rural communities, and commit millions of dollars to agricultural education across the country.
New Proposal in Congress on Debt Relief for 'Limited-Resource' Farmers
Stymied by lawsuits that contend USDA debt relief for farmers of color is actually reverse discrimination, House Democrats proposed an alternative: full or partial forgiveness of USDA loans to limited-resource farmers. The multi-billion-dollar proposal, which does not mention race, is directed toward economically distressed farmers and ranchers in high-poverty areas. The proposal was part of a $1.75 trillion social welfare and climate change package.
New $76M Affordable Housing Development and Fresh Food Market in Buffalo, NY
Governor Kathy Hochul announced a new $76 million development with 201 mixed-income affordable homes and a 22,000-square-foot fresh food market will open soon in Buffalo's Central Business District. State financing includes $10.5 million in permanent tax-exempt bonds, $21.8 million in equity from Federal and State Low-Income Housing Tax Credits, a $19.1 million subsidy from New York State Homes and Community Renewal, and $12 million in equity from state Brownfield tax credits.
Michigan Governor Announces Agribusiness Expansion, Placemaking Projects Around the State
Governor Whitmer announces agribusiness expansion bringing nearly 200 jobs to Holland, placemaking projects around the state: food manufacturing company Request Foods expanding at multiple locations in Holland, creating up to 198 jobs, investing $205 million; three community revitalization projects will bring food incubator to Detroit; and changes to Michigan Build Ready Sites program will boost inventory of industrial sites in the state.
U.S. DOC Invests $2.6M in CARES Act Recovery Assistance to Support Local Food Manufacturing in Detroit, MI
U.S. Secretary of Commerce Gina M. Raimondo announced that the EDA is awarding a $2.6 million CARES Act grant to the Detroit Brownfield Redevelopment Authority to support Detroit's historic Eastern Market infrastructure development. This investment will allow the Greater Eastern Market Food Innovation Zone for additional processing, warehousing, and distribution facilities. This EDA grant, to be matched with local funds, is expected to create 300 jobs and generate $47.5 million in private investment.
Southside Community Land Trust's New Providence, RI Headquarters to Invest in Healthy Food
Southside Community Land Trust (SCLT) received the $2.158 million loan from the Healthy Retail and Commerce Fund, a fund operated by the Conservation Law Foundation and Massachusetts Housing Investment Corporation that combines investments from hospitals, health systems, and foundations. The money will help finance SCLT's new headquarters and Farm-to-Market Center.
USDA NIFA Invests Over $50M for Beginning Farmer and Rancher Development
The USDA's National Institute of Food and Agriculture (NIFA) announced an investment of over $50 million to 140 organizations and institutions that teach and train beginning farmers and ranchers. In fiscal year 2021, thanks to enhanced funding from the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, the Beginning Farmer and Rancher Development Program (BFRDP) grants total award investment for this program was $50,026,684.
URA Closes on $500K Loan to Help Bring Music Back to East Allegheny, PA Neighborhood
The Urban Redevelopment Authority of Pittsburgh (URA) has closed on a $500,000 loan for the former James Street Gastropub and Speakeasy in the East Allegheny neighborhood. They purchased the property in 2018 and are investing over $5 million total to revitalize the property and the loan from the URA's Pittsburgh Business Fund will assist in funding gaps stemming from the pandemic.
SMBX Revolutionizes Small Business Financing and Retail Investing, Raises $11.5M to Fund its Growth
SMBX, the fintech marketplace helping small businesses raise capital from retail investors in their communities, announced the close of an $11.5 million seed funding round. The company has now raised $15 million in total to support its Small Business Bond financial marketplace that allows people to invest directly in the small businesses they want to see flourish in their local communities.
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