What do commercial real estate and food security have to do with each other? Plenty. In places like New Jersey and Pennsylvania they are working to increase access to fresh food by increasing access to capital for food retailers. Through programs like New Jersey Food Access and Pennsylvania Fresh Food Financing Initiative, these states are increasing the number of grocery stores and other food retailers operating in under-served communities. In Pennsylvania, the project was supported by New Market Tax Credits through a partnership with The Reinvestment Fund and is expected to result in creation of almost 4,000 jobs and over a million square feet of new supermarket development in low-income neighborhoods.
These initiatives have been so successful that a National Fresh Food Financing Initiative has been proposed in Congress. Similar to the Pennsylvania model, the National model would offer one-time grant or loan assistance to retailers for expansion or renovation of their facilities and allow them to increase offerings of fresh, healthy food that meets the specific needs of their community. This is just the kind of creative collaboration the Puget Sound needs! We should be doing more to encourage healthy food retail - especially in those neighborhoods where access to grocery stores is lacking. A national model is very encouraging, but even if this fails, Seattle OED should be partnering with our local non-profit lenders to offer similar opportunities to our communities. Delridge, south east Seattle, south King County... there are plenty of places where access to capital could make all the difference in supporting grocery retail and bringing fresh food to our neighbors.
The current proposal is in the form of a resolution introduced by Pennsylvania Representative Allyson Schwartz. Let's hope the members of Congress can keep their enthusiasm for good health sustained long enough to recognize the contributions a program like this can make!
Learn more at www.urbanfoodlink.com
