June 21, 2012
SDS’ National New Markets Fund, LLC (NNMF) is featured in the San Antonio Express-News and several other national media outlets for helping launch a $28 million expansion of the San Antonio Food Bank (SAFB). SAFB – the nation’s 14th largest regional food bank serving an area where one out of every four children lives in poverty – has secured $27 million in New Markets Tax Credits (NMTCs) to help fund the expansion.
The expansion will enable SAFB to double its capacity and increase the food it provides to families and children in need, particularly fresh perishable produce and fruits, along with significant increases in highly desired frozen meat. It will also double the size of SAFB’s current parking to meet the demand of nearly 1,000 volunteers and 1,000 clients visiting the Food Bank each week.
The $27 million in NMTC funding comes from a $14 million investment by Los Angeles-based National New Markets Fund, and a $13 million investment by Dallas-based Texas Mezzanine Fund. U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, serves as the tax credit investor.
To read the San Antonio Express-News article, click here:
https://www.mysanantonio.com/news/local_news/article/San-Antonio-Food-Bank-to-expand-3649311.php
To read the San Antonio Business Journal article, click here:
https://www.bizjournals.com/sanantonio/blog/2012/06/san-antonio-food-bank-slated-to.html
