MONTGOMERY, AL — The U.S. Department of Agriculture (USDA) and Reinvestment Fund announced the latest expansion of America’s Healthy Food Financing Initiative (HFFI), a nationwide program created to provide local solutions to increase food access in communities. The new program, HFFI Food Access and Retail Expansion (FARE) Fund, will provide $60 Million in loans, grants and technical assistance to food retail and food retail supply chain projects.
Over the next 5 years, the new program will provide loans, grants, and technical assistance for the predevelopment, planning, and implementation of eligible projects aiming to increase, strengthen, expand, and innovate within the food retail supply chain. As a result of funding allocated by Congress in the American Rescue Plan Act, the HFFI FARE Fund will be available for rural and urban communities.
“Over the years, America’s HFFI has continued to expand and create opportunities for innovative, community-based solutions that lead to a more equitable food system where everyone thrives,” said Don Hinkle-Brown, President and CEO. “I am incredibly proud of the work we have done thus far to increase access to fresh foods and look forward to how the HFFI FARE Fund will help even more communities across the country.”
Reinvestment Fund, a national Community Development Financial Institution, has served as the national fund manager and program administrator for America’s HFFI since 2017. To date, Reinvestment Fund has awarded over $25 million directly to food retail and food enterprise projects in 48 states, Washington D.C. and Puerto Rico, via three rounds of the HFFI Targeted Small Grants (HFFI TSG) Program. Additionally, over $40 million has been awarded to support new and existing regional, state, and local food financing programs through the HFFI Local and Regional Healthy Food Financing Partnerships Program, and $6 million more will be awarded through the HFFI Planning Grant Program this fall.
“People across this country deserve fresh, healthy and affordable foods,” Secretary Vilsack said. “Through this program, the Biden-Harris Administration is partnering with food retailers to ensure that everyone has access to affordable, delicious foods while also supporting local farmers and ranchers. We are revitalizing the food systems in this country and increasing access for those that need it.”
A full request for HFFI FARE applications will be released later this summer. Technical Assistance provided by HFFI FARE will support capacity building for early-stage projects to develop a sustainable food retail or food supply chain business model. Grants and loans will assist projects with a variety of aspects related to project development, renovation, and/or expansion. Potentially eligible projects can check for eligibility now and provide relevant information to be notified when the program begins accepting applications at: www.investinginfood.com/fare-fund.
Media Contact: media@reinvestment.com
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About Reinvestment Fund
Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that people in communities across the country have the opportunities they strive for: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets and how transactions can have the most powerful impact, which has consistently earned us the top Aeris rating of AAA for financial strength and four stars for impact management. Our asset and risk management systems have also earned us an AA- rating from S&P. Since our inception in 1985, Reinvestment Fund has provided over $3.2 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities. Learn more at reinvestment.com.