Check Out the Fundamentals of Economic Development Finance Course at CDFA's Virtual Summer School!
Join CDFA on August 2nd and 3rd for the Fundamentals of Economic Development Finance Course, the foundation for all of CDFA's educational offerings. This course will help attendees understand a variety of development finance tools, including bonds, tax credits, tax increment financing (TIF), federal financing programs, revolving loan funds, and Opportunity Zones.
SBA's Guidance on the $28.6B Restaurant Revitalization Grant Program
The Small Business Administration (SBA) has provided guidance on how the $28.6 billion Restaurant Revitalization Fund will work. The Restaurant Revitalization Fund provides for qualified restaurants and other food establishments to obtain tax-free federal grants of up to $10 million to replace the loss of revenues resulting from the pandemic. Unlike the SBA's Paycheck Protection Program, the Restaurant Revitalization Fund will be administered directly by the SBA.
Fact Sheet: Biden-Harris Administration Supports Hard-Hit Restaurants
Established through the American Rescue Plan, the Biden-Harris Administration recently launched the Restaurant Revitalization Fund – a $28.6 billion program to aid restaurants, bars, food trucks, and other food and drink establishments. In the first two days of the program, 186,200 restaurants, bars, and other eligible businesses applied for relief, including 97,600 applications from women, veterans, and socially and economically disadvantaged individuals.
Capital Impact Partners Awarded $1M to Manage the New Nourish D.C. Fund
Washington, D.C. Mayor Muriel Bowser has awarded Capital Impact Partners $1 million to manage the newly announced Nourish D.C. Fund, which is part of the $5.2 million D.C. Local Equity, Access, and Preservation Funds program. Nourish D.C. aims to support a robust ecosystem of locally owned food businesses in District neighborhoods by investing in BIPOC-owned businesses that otherwise struggle to access capital, and it also promotes health equity in the city.
Ohio Family Farm ReGeneration Act Proposes New Tax Credit
House Bill 95, the Ohio Family Farm ReGeneration Act, would establish a tax credit for farmers and producers who sell land, equipment, and other agricultural assets to a beginning farmer. It is modeled after a program in Minnesota, which has resulted in the sale or rental of 162 agricultural operations to beginning farmers in just over one year. House Bill 95 has been heard in committee, and supporters hope it will be brought to a vote on the House floor.
USDA Invests $92M in Grants for Local, Regional Food Producers Affected by the Pandemic
The USDA announced $92.2 million in competitive grant funding under the 2018 Farm Bill's Local Agriculture Market Program (LAMP). The LAMP grants are funded through the Farmers Market program as part of USDA's Pandemic Assistance for Producers Initiative. These grants support the development, coordination, and expansion of direct producer-to-consumer marketing, local and regional food markets and enterprises, and value-added agricultural products.
Long-Awaited Gem City Market to Open in Dayton, OH
The grand opening is finally here for Gem City Market, a worker- and member-owned cooperative grocery store located in a Dayton, Ohio food desert. The overall investment in the project is about $7 million, including $1.5 million in New Market Tax Credits and about $500,000 from small investment. The market also received a grant worth nearly $1 million from Greater Dayton Premier Management, from leftover funds in the HUD program HOPE VI.
Michigan Restaurant and Lodging Association Releases American Rescue Plan Proposals
The Michigan Restaurant and Lodging Association has released public policy proposals to address how the American Rescue Plan Act funds Michigan received for hospitality industry relief efforts could be most effectively used. The association proposes the creation of a $250 million Michigan fund similar to the Federal Restaurant Revitalization Fund to provide grants to small restaurant operators that can demonstrate significant financial loss due to COVID-19.
Grocery Store, Hotel Part of New Development in Jackson, MS
A 30,000-square-foot grocery store and 90-room hotel are on tap for the Livingston Road area, which will soon be home to the Villages at Livingston. The $40 million to $50 million mixed-use development will feature 210 single-family homes, a new hotel, and a farm-to-table grocery store. The Jackson City Council recently approved the first step in issuing tax increment financing bonds to help fund the project's public infrastructure elements.
Cleveland, OH Food Bank Expansion Comes at Critical Time, as Food Insecurity Explodes
The Greater Cleveland Food Bank's $40 million expansion has included the acquisition of 49 acres of Brownfield Property, Philanthropy, New Markets Tax Credits, and CARES Act funding. The expansion will add kitchen and refrigeration capacity and enable the Food Bank to turn its current offices and warehouse into a client-choice pantry and client service center.
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