CDFA Releases Landscape Map for Financing Detroit's Local Food System
This newly released report from CDFA identifies traditional development finance tools that can be used to strengthen the local food system around Detroit and increase access to healthy, affordable food for underserved communities. Financing programs from state and local levels can be brought into coordination with existing work to rebuild Detroit's food system and complement the many other funding resources advancing this effort.
USDA Announces $500M for Expanded Meat & Poultry Processing Capacity
USDA is announcing it intends to make significant investments to expand processing capacity and increase competition in meat and poultry processing to make agricultural markets more accessible, fair, competitive, and resilient. USDA will commit $500 million in the form of grants, loans, and technical assistance to support new competitive entrants in meat and poultry processing, as well as more than $55 million in grants to strengthen existing small and very small meat processing capacity.
New Data Shows a Small Fraction of Restaurant Revitalization Fund Recipients Ended Up with Chunk of Money
The Small Business Administration (SBA) released data on who was able to receive money from the $28.6 billion Restaurant Revitalization Fund, and how much they got. Key findings include: just five percent of awardees received 40 percent of the Restaurant Revitalization Fund; one in 10 recipients were part of a franchise; and more than two out of three RRF recipients identified as businesses owned by women, veterans, or people of color.
Family Farm ReGeneration Act Passes Ohio House
By a vote of 96 to 1, the Ohio House passed House Bill 95, which could clear a major hurdle for the next generation of Ohio farmers and provide greater resilience to Ohio's food system. The Family Farm ReGeneration Act will authorize tax credits for those who sell or rent farmland, livestock, buildings, or equipment to beginning farmers. It also provides a credit for beginning farmers who attend a financial management program.
Growing Climate Solutions Act Passes U.S. Senate
The U.S. Senate passed the Growing Climate Solutions Act, legislation that will help farmers, ranchers, and foresters understand and access carbon markets, helping the environment and boosting farm income at the same time. The bi-partisan legislation helps producers to generate and sell carbon credits by setting up a third-party certification process through the U.S. Department of Agriculture.
Pennsylvania Farm Bill Funded at $13.6M
Funded for the third time at $13.6 million, the PA Farm Bill is a first-of-its-kind, comprehensive set of programs that resulted from bipartisan action to grow a stronger, more resilient agriculture industry. The Pennsylvania Farm Bill was developed to grow opportunities and resources, remove barriers, and build a workforce that the future of Pennsylvania agriculture can rely on.
Why Grocery-Anchored Real Estate Has Become So Attractive to Investors
Over the past year and change, the bankruptcy of many iconic retailers and the accelerated shift to e-commerce driven by the Covid-19 pandemic has stirred up quite a bit of uncertainty within the retail sector. The pandemic has served to highlight the attractiveness of the grocery business — and the real estate that grocery stores occupy — for three reasons: necessity, adaptability, and performance.
Arctaris Impact Investors Commits Additional $9.3M for Downtown Erie, PA Food Hall and Market
Arctaris announced that it has invested $9.3 million in Erie Downtown Development Corporation projects on North Park Row. The $26.9 million redevelopment project, spread over 64,000-square-feet of commercial space, includes a grocery store, food hall, and 28 residential units. Other funding for the project includes a $6.5 million Opportunity Zone investment from Erie Insurance and $3.4 million from the Erie Downtown Equity Fund.
Don't Miss the Fundamentals of Economic Development Finance Course at CDFA Virtual Summer School!
CDFA Summer School kicks off on August 2nd and 3rd with the Fundamentals of Economic Development Finance Course. This foundational course will help attendees understand the development finance toolbox, including bonds, tax credits, tax increment financing, federal financing programs, revolving loan funds, Opportunity Zones, and more. Join us to explore case studies and best practices that can be implemented in your community.