Commercial Real Estate:
Pennsylvania Fresh Food Financing Initiative
The Pennsylvania Fresh Food Financing Initiative (FFFI) is an innovative program that works to increase the number of supermarkets or other grocery stores in underserved communities across the Commonwealth of Pennsylvania. The initiative provides financing for supermarkets that plan to operate in underserved communities where infrastructure costs and credit needs cannot be filled solely by conventional financial institutions. By improving the food landscape of underserved communities, the initiative provides families with a wide variety of nutritious food choices. The lower food costs also enable those living on fixed budgets to purchase higher quality foods. Supermarkets and other grocery stores also make valuable contributions to the community by creating jobs and revitalizing neighborhoods.
FFFI is supported by a partnership of TRF, The Food Trust and the Greater Philadelphia Urban Affairs Coalition (GPUAC). Under the leadership of State Representative Dwight Evans, who was instrumental in getting Pennsylvania to prioritize supermarket development in underserved areas, the State appropriated $20 million for FFFI. TRF has committed $60 million through private sources as well as TRF’s New Markets Tax Credits allocation. Together the contributions total an $80 million multi-faceted pool that is a one-stop-shop for financing fresh food retailers in underserved areas. As of March 2008, the FFFI has committed $38.9 million in grants and loans to 50 stores across the state, ranging in size from 900 to 69,000 square feet. These projects are expected to bring 3,723 jobs and 1.2 million square feet of fresh food retail across Pennsylvania.
Supermarket operators who receive financing under this initiative are also eligible to receive a full suite of human resource assistance from TRF. TRF offers assistance to employers on recruitment strategies and helps employees connect to applicable social benefits such as the Earned Income Tax Credit and state health care benefits
For application requirements, please review the Program Guidelines.
Application Forms:
Questions? Contact FFFI@trfund.com.