A Recipe to Build Accessible Space for Food Businesses in a Boston, MA
In Boston, MA the CommonWealth Kitchen has cooked up a successful model of community economic development by incubating businesses in a predominantly Black neighborhood made possible with New Markets Tax Credit Financing and a low-cost, long-term $3.2 million loan via the Department of Housing and Urban Development's Section 108 loan guarantee program.
State Approves $9.5M Bond for Food Bank of Western Massachusetts
MassDevelopment has issued a $9.5 million tax-exempt bond for The Food Bank of Western Massachusetts to build and outfit a new headquarters in Chicopee. The state says the 63,000-square-foot building at the Chicopee River Business Park is expected to open in summer 2023.
Ohio's Beginning Farmer Tax Credit Bill Moves Forward
The Ohio General Assembly has approved House Bill 95, which creates a beginning farmer tax credit to assist one generation of farmers to the next. The legislation will also allow for an income tax credit for established farmers as they sell or rent farmland, livestock, buildings, or equipment to beginning farmers who take a qualified financial management course.
New Markets Tax Credits Invested Into Detroit Food Commons Development Project
A newly constructed 31,000-square-foot building will house Detroit Food Commons. The nearly $20-million project spearheaded by nonprofits Detroit Black Community Food Security Network and Develop Detroit has been made possible in part with $7 million in New Markets Tax Credits allocated from Michigan Community Capital. The mixed-use building will include Detroit People's Food Co-op, licensed incubator kitchens, event and banquet space, and office space.
Illinois Fund Launches Program to Help Young Farmers 'Starting from Scratch'
The Illinois Conservation Fund has kicked off the Working Farms Fund program to enable new and young farmers to secure farmland for local food production, while at the same time protecting threatened farmland. The goal is to protect 10,000 acres of farmland in the next 20 years and support 150 farm businesses as they become successful and independent.
Florida Community Loan Fund Closes NMTC Financing to Regional Food Bank
Florida Community Loan Fund provided $14 million in New Markets Tax Credit financing for Feeding Northeast Florida, Florida's largest regional food bank. The renovated 120,000 square-foot building will streamline and expand Feeding NE Florida's food distribution network, which includes over 300 nonprofit and faith-based food pantries, feeding organizations, meal programs, and schools.
Southwest Georgia Farm Credit to Provide Food Supply Loans
Southwest Georgia Farm Credit will work with eligible borrowers throughout the food supply chain to provide loans through the USDA's Food Supply Chain Guaranteed Loan Program. The program, which makes available nearly $1 billion in loan guarantees, will back private investment in processing and food supply infrastructure — all designed to strengthen the food supply chain.
Pennsylvania Announces $2.8M Investment in Next Generation of Farm Prosperity
Governor Tom Wolf announced awards of more than $2.8 million in tax-exempt, low-interest financing for five Lancaster and Chester County, PA farms through the Next Generation Farmer Loan Program. The program gives beginning farmers access to affordable capital to purchase farmland or agricultural equipment through a unique state-federal-private industry partnership.
Fertile Financing: Walden Mutual Applies Old-School Banking to Modern Needs in New England
A new depositor-owned financial institution focused on supporting farms and food producers will launch an online bank for everyone who eats, makes, grows, cooks, or just loves local food. Headquartered in Concord, New Hampshire, Walden Mutual will provide loans in the $50,000 to $3 million range to sustainable food innovators across New England and New York while creating savings accounts that directly support those ventures.
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