CDFA Releases Policy Priorities for the Biden-Harris Administration
The Council of Development Finance Agencies (CDFA) is pleased to announce the release of Development Finance Solutions for Building Back Better: Policy Priorities for the Biden-Harris Administration. Built in collaboration with development finance agencies across the country and several key advocacy partners, this paper provides a roadmap for the new administration to use development finance solutions to address the numerous interconnected challenges facing the U.S. economy.
CDFA Releases King County Local Food Facility Development Finance Roadmap Report
The Council of Development Finance Agencies is pleased to announce the release of the King County Local Food Facility Development Finance Roadmap Report. For the past three years, CDFA has partnered with King County, Washington to unlock public/private financing dollars to help support the creation of a local food facility that will strengthen the King County region's local food system and increase access to healthy, affordable food for underserved communities.
President Biden's COVID Relief Bill Brings $25B in Restaurant Aid
A $25 billion grant program for struggling restaurants will be included in President Biden's whopping $1.9 trillion coronavirus package. The details of the provision are still tentative but would allow eligible food service and drinking establishments to file for grants of up to $10 million to make up for lost revenue in 2020 caused by the coronavirus pandemic.
OZs Could Be the Place-Based Solution We Need to Tackle Food Deserts
Access to fresh food is limited for 40.5 million Americans living in USDA-designated food deserts nationwide. Food deserts have historically defined these areas as neighborhoods lacking food establishments such as supermarkets, grocery stores, or other local outlets that offer healthy and affordable options. Criteria for designating food deserts include low-income and low-access census tracts, where food establishments in an urban area are more than one mile away.
Promoting Climate-Resilient Agricultural and Rural Credit
The agricultural sector is heading toward a climate reckoning. Policy experts are beginning to uncover the true scale of climate risk to the financial sector, and agricultural lenders are not immune. The climate crisis poses extreme risks to farmers and ranchers, from emerging pests and diseases to changing weather patterns. If left unchecked, climate change will likely devastate the agricultural economy, with dire implications for farmers and ranchers as well as their communities.
Legislation Introduced to Assist New York's Restaurant and Hospitality Industry
New York State Senator George Borrello and members of the Senate Republican Conference announced a package of legislation has been introduced to help "Reset New York's Restaurant and Hospitality Industry." The bill would include several ways to provide relief to restaurants, including interest-free loans and extended time to pay sales, payroll, and property taxes.
New Restaurant Owners Get Shut Out of PPP Loans Despite Financial Losses
Restaurateurs and entrepreneurs who launched businesses after February 15 are scratching their heads over the rule that all PPP applicants had to be operating by February 15, 2020. The latest $284 billion round of the PPP was designed, in part, to blunt the criticisms of previous draws. There are new rules to favor community lending institutions and women- and minority-owned businesses, rules to prevent public companies and generally thriving businesses from securing second loans, and rules to give hard-hit restaurants and other food establishments a little extra money.
How America's Food System Could Change Under Biden
The transition memos from the left flank of American agriculture began piling up almost as soon as Biden's presidential win was clear. Chef Michel Nischan is among those who have spoken with the Biden transition team about nutrition and farming policy. His food-advocacy resume goes back to the first Bush administration. He has a message for his fellow food warriors: the Department of Agriculture is an understaffed agency facing staggering hunger and safety challenges brought on by the pandemic. Repair needs to happen before reform.