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CDFA Food and Agriculture Finance Update - May 14, 2024

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CDFA Food and Agriculture Finance Update
May 14, 2024
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CDFA Food & Agriculture Finance Update

Features

USDA Partners With Reinvestment Fund to Increase Equitable Access to Healthy Foods
The U.S. Department of Agriculture (USDA) is partnering with the Reinvestment Fund to help organizations strengthen local food financing programs and improve access to healthy foods in underserved communities across the country. The Reinvestment Fund has selected 16 public-private partnerships to receive $40.3 million in grants under the Healthy Food Financing Initiative (HFFI) Local & Regional Healthy Food Financing Partnerships Program in 20 states and Washington, D.C.

Join CDFA for Our Upcoming Intro Tax Increment Finance WebCourse
Register for CDFA's Intro Tax Increment Finance (TIF) WebCourse taking place on June 26-27. Join us to learn the guiding principles and appropriate application of TIF. Our panel of expert instructors will discuss TIF deal-making and best practices highlighted by projects from around the country.

Brown, Braun Introduce Bipartisan Bill to Lower Food Costs by Strengthening Supply Chains
U.S. Senators Sherrod Brown (D-OH) and Mike Braun (R-IN) introduced bipartisan legislation that would help lower food costs by strengthening the infrastructure and supply chains that farmers and food businesses depend on to get their products to market. The Food Supply Chain Capacity and Resiliency Act would expand the Department of Agriculture's Food Supply Chain Guaranteed Loan Program to support new investments in America's food supply chain by providing low-interest loans to businesses investing in food supply chain operations and prioritizing investments in rural or economically distressed areas.

CDFA Board Treasurer Steve Johnson Named CHFA's Chief Operating Officer
CDFA is excited to share the promotion of Steve Johnson to COO of the Colorado Housing and Finance Authority (CHFA). Steve has been one of CDFA's most committed supporters and advocates for the past 20 years, contributing his time and expertise as a guest speaker, event sponsor, CDFA Board of Directors Treasurer, and countless other ways. Congratulations Steve!

Rich Products Begins Phase Two of $177M Expansion in Brownsville, NY
Rich Products announced that phase two of its $117 million, 150,000-square-foot expansion in Brownsville is underway, ultimately resulting in the creation of more than 130 new jobs. The company is partnering with National New Markets Fund, an affiliate of Los Angeles-based SDS Capital Group that has invested $17.5 million in its New Market Tax Credit (NMTC) allocation for the expansion. The Brownsville facility makes frozen seafood and appetizer products and is considered the founder of the non-dairy frozen food industry. 

Mitchell Smith Guest Speaker at CohnReznick's Annual New Markets Tax Credit Summit
Mitchell Smith, CDFA's Senior Director of Government & External Affairs, joined CohnReznick in Miami to speak at their annual New Markets Tax Credit (NMTC) Summit! Mitchell shared his expertise at the session, "Ballot boxes, budgets, and bipartisanship: The legislative state of the NMTC in the 2024 election year."

USDA Announces $22M to Support Underserved and Veteran Farmers and Ranchers
The U.S. Department of Agriculture (USDA) announced $22.3 million available to community-based and nonprofit organizations, institutions of higher education, and tribal entities that help underserved and veteran farmers and ranchers own and operate successful farms. Funding is made through USDA's 2501 Program. This program is administered by USDA's Office of Partnerships and Public Engagement.

Ohio Invests $86M in Early-Stage, Tech-Based Companies With SSBCI Funds
Ohio awarded $86 million to support early-stage, tech-based companies in underserved communities and populations across the state. The funding is being awarded to 11 professionally managed investment funds through the Ohio Venture Fund and Ohio Early Stage Focus Fund to provide capital to early-stage, tech-focused companies throughout Ohio. Funds will invest in companies focused on healthcare, manufacturing, food technologies, and more.

FDC's Commercial RLF Funds Another "For-Benefit" Coffee House in Indianapolis, IN
As a "For-Benefit" coffeehouse, Coffeehouse Five utilizes its revenue to provide five services to the community. Those include free premarital counseling, free marriage counseling, addiction recovery programs, and mentor training, and another portion of their proceeds are dedicated to help fund other mental health needs. It's a project made possible with dollars from the Franklin Development Corporation's (FDC) Commercial Revolving Loan Fund (RLF).

South Dakota Issues $55M Bond for Dairy Operation
The South Dakota Governor's Office of Economic Development (GOED) Board of Economic Development and the Economic Development Finance Authority (EDFA) approved a $55 million Livestock Nutrient Management Bond to Riverview LLP of Kingsbury County. Proceeds will be used for acquisition, site preparation, and solid waste management for their 15,000-20,000 milking cows dairy operation.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: AI & Bonds
May 21, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will unravel the multifaceted dimensions of AI's role in the municipal market, potential advantages and challenges that arise from embracing AI, and its impact on development finance.

2024 CDFA Equitable Lending Learning Series: Strategic Partnerships for Sharing Financial Risk
May 28, 2024 - 1:00 PM - 3:00 PM Eastern
In this installment of the CDFA Equitable Lending Learning Series, speakers will explore how leveraging the strengths and expertise of various capital partners, technical assistance providers, and philanthropic supporters can help build successful and sustainable programs.

Food & Agriculture Finance News

Kentucky Agricultural Finance Corp Approves $4.8M in Loans
The Lane Report | May. 10 | Access to Capital | Agriculture Finance | State Finance Program

New Funds Available for Ag Conservation Research in Pennsylvania
Lancaster Farming | May. 10 | Access to Capital | Agriculture Finance | Resiliency | State Finance Program

Regen Food Systems Investing: Q1 2024 Round-Up
RFSI | May. 9 | Access to Capital | Agriculture Finance | Food Systems Finance | Innovation Finance | Angel Investment | Seed Capital | Venture Capital

Missouri Expands MO BUCK$ Loan Program for Farms, Small Businesses
KOMU | May. 9 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

U.S. EDA Invests $3M for Irrigation Infrastructure in Jemez Pueblo, NM
U.S. Economic Development Administration | May. 7 | Access to Capital | Agriculture Finance | Development Finance Toolbox | Federal | Infrastructure Finance | Resiliency | Tribal Finance | U.S. Economic Development Administration (EDA) | Water Finance

The Importance of Raising Capital Directly From People
Forbes | May. 3 | Access to Capital | Agriculture Finance | Food Systems Finance | Innovation Finance | Seed Capital | Venture Capital

New York Plant-Based Dairy Startup Receives SSBCI Seed Investment
Buffalo News | Apr. 24 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury

New York Governor Hochul Announces Record Investment in Ag Stewardship Programs
Governor Kathy Hochul | Apr. 24 | Access to Capital | Agriculture Finance | Resiliency | State Finance Program

USDA Invests $238M for Clean Energy and Domestic Biofuels
U.S. Department of Agriculture | Apr. 23 | Access to Capital | Agriculture Finance | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | U.S. Dept. of Agriculture (USDA)

Community Ag Project Grants Up to $5K for Georgia Non-Profits
Morning AgClips | Apr. 21 | Access to Capital | Agriculture Finance | Foundations

$48M Available to Alleviate Shortage of Safe, Affordable Farm Labor Housing
USDA Rural Development | Apr. 18 | Access to Capital | Agriculture Finance | Rural Development

FFAR Grant Unites New York Urban Agriculture Operations to Increase Food Security
Morning AgClips | Apr. 18 | Access to Capital | Agriculture Finance | Foundations | Urban Development

USDA, FarmRaise Offer Educational Tools to Promote Financial Access and Equity
Morning AgClips | Apr. 17 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Resiliency | U.S. Dept. of Agriculture (USDA)

Wurwand Foundation and WEV Partner to Support Small Business Owners in California
The Montecito Journal | Apr. 16 | Access to Capital | Community Development | Food Systems Finance | Foundations | Revolving Loan Funds (RLFs)

$6.2M in Funding Available to Bolster North Carolina Food Supply Chain
Richmond Observer | Apr. 16 | Access to Capital | Food Systems Finance | State Finance Program

Southeast Minnesota Getting $250K for Solar Power Projects
KIMT3 | Apr. 10 | Agriculture Finance | Community Development | Energy Finance | Rural Development

Applegate Farms Announces $50K to Support AFT's Brighter Future Fund
PR Newswire | Apr. 8 | Access to Capital | Agriculture Finance | Resiliency

Ashtabula County, OH Agriculture Tax Credit Applications Break Records
Star Beacon | Apr. 8 | Agriculture Finance | State Finance Program | Tax Credits

Connecticut Department of Ag Invests $115K to Address Food Insecurity, Access
Morning AgClips | Apr. 8 | Access to Capital | Agriculture Finance | State Finance Program

Pennsylvania Agriculture Industry Receives $4.8M Boost to Strengthen Food Supply Chain
My ChesCo | Apr. 7 | Access to Capital | Agriculture Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)



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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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