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CDFA Food and Agriculture Finance Update - April 13, 2021

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CDFA Food and Agriculture Finance Update
April 13, 2021
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CDFA Food & Agriculture Finance Update

Features

Fact Sheet: USDA Provisions in the American Rescue Plan
The American Rescue Plan Act of 2021 is a critical step in getting the U.S. economy back on track, getting children back to school, getting COVID-19 vaccinations to all Americans, and pulling millions out of poverty. Provisions within the jurisdiction of the USDA will reduce hunger across the country, strengthen the food supply chain, invest in rural America, and provide long-awaited support to underserved, socially disadvantaged farmers.

Biden Administration Ramps Up Debt Relief Program to Help Black Farmers
The number of Black-owned farms has declined rapidly over the past century, to less than 40,000 today from about a million in 1920, the result of industry consolidation as well as onerous loan terms and high foreclosure rates. The Biden administration is pledging to reverse decades of discriminatory agricultural lending and subsidy policies that have left Black farmers at an economic disadvantage and is racing to deploy $5 billion in aid and debt relief to help them.

South Carolina Gets $314M Ag-Tech Center for Multiple Users
A $314 million ag-tech center — that will grow indoors, co-pack, distribute and sometimes process fresh greens, tomatoes, blueberries, and other produce — is coming to South Carolina. With artificial intelligence and blockchain technology provided by Core Scientific, this center is a joint venture project among Mastronardi Produce, Clear Water Farms, LiDestri Food and Drink, and the GEM Opportunity Zone Fund.

A Small Grocer is Coming to West Baltimore, MD as Part of Larger Neighborhood Redevelopment Effort
A small grocery store will anchor a large mixed-use project in West Baltimore's Poppleton neighborhood, which has limited access to affordable and nutritious food. The city was responsible for about $10 million in bonds already sold as part of a $58 million tax increment financing deal to pay for infrastructure work for the massive $800 million project that launched in 2005. As other phases of the development project progress, the grocer expects to expand in size.

Construction Begins on $39M New York Regional Food Hub
Construction has started on the 60,000-square-foot New York State Regional Food Hub in the Hunts Point neighborhood of the Bronx. The $39 million project cold-storage facility will support local farmers and underserved New Yorkers. The publicly funded project will expand GrowNYC's wholesale distribution infrastructure that makes local foods accessible to underserved New Yorkers through wholesale buyers, including institutions and restaurants, and through nonprofit group partnerships.

Highlights from the Restaurant Revitalization Fund
The Restaurant Revitalization Fund continues to stir up questions, even as it nears its much-anticipated rollout. The American Rescue Plan Act of 2021 was signed into law on March 11 and included the $28.6 billion grant program designed to aid restaurants struggling with the year-plus fallout of COVID-19.

Devastated By the Pandemic, Travel and Tourism Sector Looking for Rebound in 2021
Travel's economic footprint in the U.S. declined by 42% last year. The U.S. Travel Association is pressing Congress to pass the bipartisan Hospitality and Commerce Job Recovery Act, which would provide a temporary business tax credit to revitalize business meetings and conferences, a temporarily restored entertainment business expense deduction, an individual tax credit to stimulate nonbusiness travel, and tax relief for restaurants and food and beverage companies.

CounterpointeSRE Closes $4.6M in C-PACE Financing for Amped Kitchens in Chicago, IL
Counterpointe Sustainable Real Estate (CounterpointeSRE) announced it has provided $4.6 million in Commercial Property Assessed Clean Energy (C-PACE) funding in support of completed energy-efficiency work at the recently opened Amped Kitchens Chicago facility. The $4.6 million of C-PACE funding was applied with the consent of a consortium of New Markets Tax Credit (NMTC) program investors.

USDA Announces Availability of an Additional $35M for the Value-Added Producer Grant Program to Support COVID-19 Relief Efforts
The United States Department of Agriculture (USDA) announced that it is making an additional $35 million available this year in the Value-Added Producer Grant Program to support agricultural producers affected by the COVID-19 pandemic.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

CDFA Rural Development Finance Webinar Series: Assembling Capital for Rural Development
Tuesday, June 1, 2021 - 2:00 PM - 3:00 PM Eastern
During the second installment of the CDFA Rural Development Finance Webinar Series, learn about essential financing sources employed by rural communities to complete projects in today's economy.

Food & Agriculture Finance News

Big Increases for Rural Power, WIC, Ag Research in Biden Proposal
Successful Farming | Apr. 12 | Agriculture Finance | Energy Finance | Federal | Infrastructure Finance | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

Rhode Island Announces Small Business Relief Grant Program
ABC 6 | Apr. 12 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Kentucky Agricultural Finance Corporation Approves $1.3M in Loans
WTVQ | Apr. 9 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

USDA Announces Funding for Organizations to Assist Disadvantaged Farmers and Ranchers
USDA | Apr. 5 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Social Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

Opportunity Zone Firms Combining Cryptocurrency, Blockchain, and OZs
The Opportunity Zones Database | Apr. 5 | Agriculture Finance | Legislative | Opportunity Zones

Native-Owned Enterprises Still Struggling in Minnesota
The Circle News | Apr. 5 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Tribal Finance | COVID-19

The American Rescue Plan Provides Significant Debt Relief to Minority Farmers
JD Supra | Apr. 2 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

How Addressing Hawaii's Affordable Housing Crisis Could Help Farming Efforts
Honolulu Civil Beat | Apr. 2 | Access to Capital | Agriculture Finance | Community Development | Housing Finance | Revolving Loan Funds (RLFs)

InKind Financing: Innovating Restaurant Capital Without Ownership
Forbes | Apr. 2 | Access to Capital | Food Systems Finance | Innovation Finance | Venture Capital

Merchants Capital Secures $21M in Financing for Workforce Housing Property in Indiana
Rebusiness Online | Apr. 1 | Bond Finance | Food Systems Finance | Housing Finance | Opportunity Zones | Tax Increment Finance (TIF)

President Biden Unveils Massive Infrastructure Plan
CNN | Mar. 31 | Access to Capital | Agriculture Finance | Bond Finance | Community Development | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing | Rural Development | Urban Development | Water Finance

Organic Valley Launches $1M Loan Program for Clean Energy Projects on Farms
Wisconsin State Farmer | Mar. 26 | Access to Capital | Agriculture Finance | Energy Finance | Revolving Loan Funds (RLFs)

Ohio House Agriculture Committee Passes House Bill 95, the Family Farm ReGeneration Act
OEFFA | Mar. 24 | Agriculture Finance | Food Systems Finance | State Finance Program | Tax Credits

Michigan Strategic Fund to Support Detroit Food Storage Facility, Other Community Revitalization Projects
MEDC | Mar. 23 | Brownfield Financing | Economic Development | Food Systems Finance | Member News | State Finance Program | Case Studies | State Brownfield Programs | Case Studies

New Beef Processing Plant Planned for North Platte, NE
Fox NE | Mar. 19 | Food Systems Finance | Tax Increment Finance (TIF)

Alternative Proteins Saw Record $3.1B Investment in 2020
Progressive Grocer | Mar. 18 | Access to Capital | Food Systems Finance

Legislation Introduced to Expand Access to Affordable Credit for Farmers
Hoosier Ag Today | Mar. 18 | Access to Capital | Agriculture Finance | Legislative | Rural Development

TIF Approved for Food Manufacturer in Gloucester, MA
Gloucester Daily Times | Mar. 17 | Economic Development | Food Systems Finance | Tax Increment Finance (TIF)

'Huge Victory': Black Farmers Hail $5B in New COVID Relief Law to Redress Generations of Racism
Democracy Now | Mar. 15 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Legislative | Rural Development | Social Finance

Independent Restaurants Lobbied Hard for Targeted Relief — Now, They're Finally Getting It
The Washington Post | Mar. 10 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Legislative | COVID-19


CDFA Resources

American Rescue Plan: Federal Investment Guide
Access to Capital | Agriculture Finance | Brownfield Financing | Community Development | Disaster Recovery & Relief | Economic Development | Education | Energy Finance | Food Systems Finance | Healthcare | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Urban Development
This report from Drexel University's Nowak Metro Finance Lab provides a guide to federal funding in the American Rescue Plan (ARP). The authors place a special emphasis on formula funds received by local anchors, competitive grants, and funds distributed to public authorities that city leadership can leverage to boost their recovery. They clarify which entities are responsible for applying for grant funds, when funding expires, and what role city and county leadership can play even when they will not be the primary applicant for funds.

Summary of State and Local Funding Sources in the American Rescue Plan
Access to Capital | Agriculture Finance | Brownfield Financing | Community Development | Disaster Recovery & Relief | Economic Development | Education | Energy Finance | Food Systems Finance | Healthcare | Housing Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Urban Development
This table includes all the federal-to-local funding streams in the American Rescue Plan that reach cities and their residents. It does not include appropriations to Tribal Governments or Agency appropriations focused on program operations at the federal level with no further sub-allocation. It is a dynamic summary to be paired with the Federal Investment Guide produced by Accelerator for America, Drexel University, and the US Conference of Mayors.

Food Forward NYC: A 10-Year Food Policy Plan
Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Incentives | Special Assessment Districts | Tax Credits
Food Forward NYC is the City's first ever 10-year food policy plan, laying out an ambitious interagency policy framework to reach a more equitable, sustainable, and healthy food system by 2031. The success of this plan depends on the partnership of everyone involved in the food system. Food businesses large and small, community-based organizations and advocates, philanthropies and academic institutions, regional partners, and the state and federal government all have a critical role to play.

Vermont Agriculture and Food Systems Strategic Plan 2021-2030
Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Rural Development
The Plan estimates that additional public and philanthropic investment is needed over the next ten years: approximately $9.7 million in one-time funding and $23.3 million in recurring funding. This level of funding will ensure sufficient land access and conservation, climate resilience, food security, infrastructure investments, regional market development, and workforce development to meet the growing needs of the sector. Public and philanthropic funding will also stimulate additional private sector investment.

Reimagining Rural Policy: Organizing Federal Assistance to Maximize Rural Prosperity
Access to Capital | Agriculture Finance | Economic Development | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
The federal programs and tools available today to help generate social and economic development in rural communities serve as a reminder of active and broad federal involvement in the 20th century, and the possibilities for federal leadership to help rural communities meet the current moment. Yet they are outdated, fragmented, and incoherent. This report identifies over 400 programs open to rural communities for economic and community development, spanning 13 departments, 10 independent agencies, and over 50 offices and sub-agencies.


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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