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NCOSAFP & CDFA Food and Agriculture Finance Update - July 11, 2017

CDFA Food and Agriculture Finance Update
July 11, 2017
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NCOSAFP & CDFA Food and Agriculture Finance Update


VA Food Co-Op Expansion Aided by RLF
Natural Harvest Food Cooperative in Virginia has been around since 1979 selling natural foods and recently outgrew the space they were in. In order to expand they utilized multiple types of financing including a revolving loan fund.

NJ Hops Growers Jump into Trendy 'Farm-to-Mug' Market
Oregon, Washington, and Idaho have the hops market wrapped up, but the Pacific Coast and Midwestern dominance may start to erode as consumer demand for sustainable, locally sourced food spills over to craft beers. There also is a surge in microbreweries in the Garden State and elsewhere across the country. Hops are poised to become the new hip crop in New Jersey. Tomatoes and corn may be forced to yield a bit of their dirt.

Urban Shepherd Looking at Setting up RLF for Future Projects
Urban Shepherds started as a way to mow a vacant lot in Cleveland with sheep instead of spending money on mowing. The project's long-term goal is to have a revolving loan fund set up so there is always money for people to borrow to get other areas started.

CGC Food Distribution Company Relocates to Howard County, MD
CGC Holdings, Inc., a food distribution company in Jessup, Maryland, recently completed construction and has moved into a new 160,000-square-foot building in Howard County. The company is eligible for various state and local tax credits, including Maryland's Job Creation Tax Credit.

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 beginning Minnesota farmers as a first in the nation land access bill was signed by Governor Mark Dayton. Authored by Rep. Nels Pierson and Sen. Mike Goggin, 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.

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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Food & Agriculture Finance News

Proposed Restaurant TIF Gets Budget Commitee OK in TN
The Greenville Sun | Jun. 9 | Food Systems Finance | Tax Increment Finance (TIF)

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)

How is AZ Solving Food Deserts?
Cronkite News | May. 29 | Food Systems Finance | Incentives

Farm Owner Tax Credit Reaches MN Conference Committee
agrinews.com | May. 10 | Agriculture Finance | Tax Credits

State Incentives May Be Used to Target Food Deserts in MI
Detroit Free Press | May. 9 | Food Systems Finance | Incentives

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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