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Donald Hinkle-Brown Named TRF's President and CEO |
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In September, Donald Hinkle-Brown formally succeeded founder Jeremy Nowak to become President and CEO of TRF. After conducting a national search, Hinkle-Brown emerged as the Board of Directors’ clear choice to lead the organization. "We had excellent candidates for this position, but it became evident that the best person was right here at home,” said Board Chair Bob Keith. Hinkle-Brown began serving as Acting President and CEO when Nowak stepped down in June to head the William Penn Foundation. Part of TRF for over 20 years, Hinkle-Brown is widely recognized as an expert in developing and capitalizing innovative lending programs to create high impact in low-income communities. "The transition period has been incredibly smooth," shared Hinkle-Brown. "It is a testament to the continued confidence of TRF's investors and the talent of its management team."
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New Food Access Data on PolicyMap |
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Data from TRF's most recent analysis of food access in underserved communities across the nation is now available on PolicyMap. The analysis was done as part of a larger effort from the CDFI Fund’s Financing Healthy Food Options (“FHFO”) training track provided by the Opportunity Finance Network (OFN). TRF’s study reveals that 24.6 million Americans live in Limited Supermarket Access (LSA) areas, or areas in which residents must travel longer distances to reach supermarkets, as compared to middle and upper income residents living in areas with similar population density and car ownership rates. This data will be helpful to CDFIs and others working in the healthy food financing arena as it identifies communities that have both the need for expanded healthy food options and the consumer demand sufficient to sustain an investment in healthy food retail. This data is available for free through PolicyMap and can be accessed either through a simple-to-use interactive map on TRF’s website, or via PolicyMap under the TRF Analytics tab in the Add Data Layer menu and under the Grocery Retail Access tab in the Add Sites menu.
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New Sources of Capital |
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TRF recently received two major federal awards in support of its work. The first is a $3 million Financial Assistance award from the U.S. Department of the Treasury's CDFI Fundto expand efforts to invest in supermarkets and other healthy food enterprises throughout the mid-Atlantic region. The award represents the federal government’s first steps towards improving healthy food access in America’s low-income urban and rural communities through the Healthy Food Financing Initiative (HFFI). The second is a $11.7 million award from the U.S. Department of the Treasury’s Small Business Lending Program. According to CDFI Fund Director Donna J. Gambrell, the awards help CDFIs prioritize their work in this economic climate. “Focusing investments in job creation opportunities, encouraging the growth of small businesses and targeting economic growth where it is most needed – are key to this nation’s economic recovery,” she says. Of the 51 CDFIs awarded funding, TRF received the highest allocation.
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Bringing a Supermarket to Baltimore's Howard Park |
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TRF recently received an award from the U.S. Department of Health and Human Services, as part of its Community Economic Development program, to support predevelopment efforts associated with bringing a new supermarket to Baltimore's Howard Park community. The project is a collaborative effort between Baltimoreans United in Leadership Development (BUILD), Baltimore Development Corporation, the Howard Park Civic Association, Calvin Rodwell Elementary School’s Child First Afterschool Program, Klein Family Markets, UpLift Solutions (a nonprofit affiliated with Brown’s Super Stores), Vanguard/Roc and TRF. The project will result in a new 67,000 square foot full-service ShopRite supermarket. The project is estimated to produce 150+ construction and related jobs during development and 80 full-time and 200 part-time permanent jobs once the store opens. In addition to improving access to healthy food, this project also includes initiatives to encourage healthy eating.
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Joining the Movement to Create Jobs for USA |
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TRF is pleased to be among the first capital grant recipients under Create Jobs for USA, a new initiative by the Opportunity Finance Network (OFN), a national network of CDFIs, and Starbucks. Create Jobs for USA seeks to spark job growth by providing financial resources to CDFIs that invest in community businesses. Donations from individuals, the Starbucks Foundation and other institutions will be channeled through capital grants to CDFIs, who in turn can lend the capital to small businesses, microenterprises, nonprofits, housing developers and commercial real estate developers. All of these community businesses help to create and sustain local jobs. The Starbucks Foundation is seeding the fund with $5 million and beginning November 1, Starbucks customers can support Create Jobs for USA by making donations in stores or online at www.createjobsforusa.com. Donors of $5 or more will receive a red, white and blue wristband bearing a metallic “Indivisible” emblem. As a member of OFN, TRF is delighted to be part of this bold initiative to get Americans back to work.
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NMTC Financing Supports High-Performing Charter Schools |
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TRF recently closed on two loans that increases its charter school lending portfolio to $230 million, serving over 34,000 students. The recent loans were funded through the JP Morgan Chase New Markets Tax Credit Charter School Fund. TRF financing is helping LEAP Academy Charter School in Camden, New Jersey, construct a second high school and a second elementary school, which will each serve 240 students at capacity. Established in 1997 through a partnership with Rutgers University, LEAP is one of New Jersey’s 13 inaugural charter schools. 90% of LEAP’s student body is eligible for free and reduced price lunch. Since graduating its first senior class in 2005, 100% of LEAP’s high school graduates have gone on to college. The second project to receive financing is Meridian Public Charter School in Washington, DC, which is using the funding to make leasehold improvements to its new facility. Since its inception in 2000, Meridian has shared with other tenants a facility with limited space. Meridian's new facility, which is the former Harrison Elementary School, will have several new features including more classrooms and a new gymnasium that will double as an assembly hall. Over 85% of the students at Meridian are eligible for free and reduced price lunch.
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A student at Meridian Public Charter School. The high-performing school serves 525 students in Pre-K through 8th grade.
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3rd Ward Joins TRF's Growing Arts Portfolio
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Brooklyn’s famed 3rd Ward is branching out, opening a second location in Philadelphia’s Old Kensington, a former industrial neighborhood, thanks to financing from TRF. The arts-related project plans to renovate three buildings, including a historic church and old warehouse in the neighborhood, to develop 27,000 square feet of creative workspace, classrooms and event space. 3rd Ward will serve as a resource to entrepreneurs, freelancers and arts enthusiasts by offering co-working space as well as skills training in topics ranging from woodworking to graphic design. The project is expected to create 8 to 10 full-time and 40 part-time jobs. Additionally, the co-working space is expected to support 50 creative entrepreneurs and the classes are expected to train 3,000 people annually, providing an important avenue for those seeking to develop new skills. The project builds on the creative energy already at work in this neighborhood, which includes the TRF-financed Crane Arts. The project brings TRF's arts investments to $41.8 million since inception.
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A rendering of 3rd Ward in Philadelphia.
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New Lending Leadership Announced |
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TRF is pleased to announce the selection of Sara Vernon Sterman as its new Chief Lending Officer and Nancy Wagner-Hislip as Executive Vice President for Capital Structure and Lending Operations. In recent years, each has been responsible for half of the TRF lending portfolio. With Sterman’s promotion to Chief Lending Officer, she will direct the lending operation as a member of TRF’s Executive Team, leading business development, originations, and relationship management across lending lines. Sterman has been with TRF for 12 years. Wagner-Hislip, with TRF for 13 years, will take on the new position of Executive Vice President for Capital Structure and Lending Operations. She will lead portfolio management and asset management as well as managing TRF’s NMTC program. She will take on a new role in capitalization and investor relationships.
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TRF in the News
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Starbucks Hopes To Kick-Start Job Creation. View this NPR story at http://t.co/w3V7XtEh
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Brady, Schwartz, and Fattah Highlight $6 Million for Healthy Food Financing Initiative in Philadelphia 1.usa.gov/rhf1gD
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New convention center hotel in Philadelphia receives energy funding and is expected to create 146 jobs: bit.ly/pQsjQQ. More on TRF & EnergyWorks: bit.ly/dhCuEa
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TRF's Market Value Analysis (MVA) could help another city decide where to invest for the greatest impact. bit.ly/pHkWig
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ArtPlace Initiative selects TRF and The Philadelphia Live Arts Festival & Philly Fringe to receive $600,000 bit.ly/p8Q6Se
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TRF financing results in a Super Fresh in Philadelphia’s Northern Liberties, bringing fresh food access & 120 jobs. cbsloc.al/n1CZvJ
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Sprankle's Market owner and TRF’s Senior Policy Advisor, Pat Smith talk about economic impact of food retail. Listen here: bit.ly/oKi2CP
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TRF’s New Markets Tax Credit-financed Wakefern Food Distribution Center breaks ground in Newark, NJ. Project is expected to create 120 jobs. http://bit.ly/oiGwWR
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