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CDFA Food and Agriculture Finance Update - December 14, 2021

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CDFA Food and Agriculture Finance Update
December 14, 2021
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CDFA Food & Agriculture Finance Update

Features

Accepting Applications for the CDFA Community Facilities Technical Assistance Program
With funding from USDA Rural Development, CDFA has developed an innovative technical assistance approach to support rural communities that have recently experienced a natural disaster. The goal of this program is to help rural communities utilize the USDA's Community Facilities Program along with identifying other potential development finance tools to aid in the rebuild and recovery after a natural disaster. Learn more and apply today!

USDA Launches Food Supply Chain Loan Guarantee Program to Create More Market Opportunities
USDA announced a new $100 million Food Supply Chain Guaranteed Loan Program to make available nearly $1 billion in loan guarantees; these loan guarantees will back private investment in processing and food supply infrastructure that will strengthen the food supply chain. The program is part of the Biden-Harris Administration's efforts to address food system challenges dating back decades and further exacerbated by the COVID-19 pandemic.

Delaware Announces $2M in Funding to Improve Access to Delaware Grown Food
Governor John Carney announced a $2 million investment in seed funding to establish the First State Integrated Food System Program. This new program, which will be developed by the Delaware Council on Farm and Food Policy, will help stabilize and strengthen Delaware's small and mid-sized farmers and local food supply chain operations, among the hardest hit sectors during the pandemic. The funding for this program is provided through the American Rescue Plan Act.

Food Hall Included in Uses for $105M Redevelopment in Milwaukee, WI
A food hall will be among the new uses in the redevelopment of the historic department store in Milwaukee's Bronzeville area. The project, known as ThriveOn King, will also include 89 affordable and market-rate apartments. The project's financing includes commercial loans totaling $48.5 million; $22.5 million in state and federal historic preservation tax credits; $9.4 million in federal affordable housing tax credits; $8.5 million in equity cash, and $3.5 million through a deferred developer's fee.

USDA Awards $90.2M to Strengthen Local and Regional Markets for U.S. Agricultural Products
The USDA announced a $90.2 million investment in 203 projects to strengthen and explore new market opportunities for local and regional food businesses. The funding is made possible through grant programs administered by the Agricultural Marketing Service as part of the Local Agriculture Marketing Program: the Farmers Market and Local Food Promotion Programs and the Regional Food System Partnerships.

San Antonio, TX Food Incubator Stirs Up New Culinary Businesses
The Break Fast and Launch program is a culinary business accelerator by Launch SA, an entrepreneurship center partnership between the City of San Antonio's Economic Development Department and LiftFund, one of the largest microfinance nonprofits in the country. The program was instrumental in launching Alamo Kitchens in 2018. They've worked with over 115 businesses in the program since 2015.

Building Back American Start-Ups Through Tax Incentives
Changes to section 1202 would limit incentives for entrepreneurial start-up founders and their moonshot investors. Those changes, buried in the Build Back Better Act's legislative text, reduce the exclusion of qualified small business stock (QSBS) gain from 100% to 50% for some noncorporate taxpayers that have adjusted gross income exceeding $400,000 during the year in which QSBS is sold. QSBS could transform how restaurants are owned in the United States.

Loan Program Promotes Resiliency for Santa Barbara, CA Farmers and Food Businesses
Two Santa Barbara County organizations have teamed up to connect local farmers, ranchers, fishers, and food artisans with equitable loans to promote resiliency among food businesses and address gaps in the system. The Food System Resilience Loan Program was launched by Santa Barbara County Food Action Network and the Economic Development Collaborative.

Traverse City, MI Real Estate Co-Op Breaks Several Different Molds
Slated to finish construction and open its doors in early 2022, Commongrounds Cooperative will have space for an independent coffee roaster, a local craft distillery, a food hall with a shared commercial kitchen for hourly rental, a childcare facility, a performing arts space, and 24 apartments — 18 of them below-market rate, serving various income levels. But what really makes Commongrounds Cooperative such an atypical project is who owns it and how it was financed.

Upcoming Events

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Food & Agriculture Finance News

USDA Establishes Food Purchase Program to Transform the Food System
USDA | Dec. 6 | Community Development | Federal | Food Systems Finance | Social Finance | U.S. Dept. of Agriculture (USDA)

Tennessee Lawmaker Proposes Tax on Beverage Containers to Be Used for Healthy Food Options
Fox 17 | Dec. 3 | Access to Capital | Food Systems Finance | State Finance Program

The Bipartisan Infrastructure Framework – What's Important for Ag?
Michigan Farm News | Nov. 23 | Agriculture Finance | Food Systems Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)

Senators Discuss Rezoning of St. Croix Agricultural Lands for RT Park Development
Virgin Islands Daily News | Nov. 22 | Agriculture Finance | Economic Development | Opportunity Zones

USDA Invests $222M in Rural Community Infrastructure to Help People in 44 States, Guam, and Puerto Rico
USDA | Nov. 22 | Community Development | Federal | Food Systems Finance | Healthcare | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

Columbus, IN Pledges TIF Revenue for Downtown Project
The Republic | Nov. 22 | Economic Development | Food Systems Finance | Housing Finance | Innovation Finance | Tax Increment Finance (TIF)

Bill Would Allow Tax Credit on Investments in Michigan-Based Businesses
MiBiz | Nov. 22 | Access to Capital | Food Systems Finance | State Finance Program | Tax Credits

A New Cleveland, OH Mayor, a New Opportunity for Food Justice
Cleveland.com | Nov. 22 | Community Development | Economic Development | Food Systems Finance | Incentives | Social Finance

North Platte Planning Commission to See Beef Plant's Redevelopment Plan
The North Platte Telegraph | Nov. 22 | Agriculture Finance | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Restaurant Groups Strategic Move to Tap More SBA EIDL Loan Funds
Benzinga | Nov. 20 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

First Atlantic City, NJ Grocery Store in 15 Years
NJ Biz | Nov. 18 | Community Development | Food Systems Finance | Incentives

Young Farmers Launches One Million Acres Campaign, Asks for Equitable Access to Land
National Young Farmers Coalition | Nov. 16 | Agriculture Finance | Federal | Legislative

Ag Lender Survey: 80% of Borrowers Expected to Be Profitable in 2021
American Bankers Association | Nov. 16 | Access to Capital | Agriculture Finance | Federal

Fact Sheet: Building a New Era of Nation-to-Nation Engagement
The White House | Nov. 15 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Federal | Food Systems Finance | Tribal Finance

Crunch at Ports May Mean Crisis for American Farms
The New York Times | Nov. 14 | Agriculture Finance | Federal | Food Systems Finance | Infrastructure Finance

A Push to Help Black Farmers Purchase Land in Detroit, MI
Next City | Nov. 12 | Access to Capital | Agriculture Finance | Food Systems Finance | Social Finance

Port Board OKs Financing for Meijer Mixed-Use Project in Cleveland, OH
Crain's Cleveland Business | Nov. 12 | Economic Development | Food Systems Finance | Housing Finance | Tax Increment Finance (TIF)

Four Area Organizations in PA Receive Funding for Community Revitalization Projects
The Times | Nov. 11 | Brownfield Financing | Education | Food Systems Finance | Housing Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Social Finance | State Finance Program | Tax Credits



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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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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