Wednesday, August 1, 2012
San Antonio Food Bank (SAFB) secured $27 million in new markets tax credit (NMTC) financing to help fund a $28 million expansion. The expansion will double the food bank’s capacity and enable it to increase the amount of food provided to families in need. The project will also double the size of SAFB’s current parking for nearly 2, 000 volunteers and clients and help relocate the food bank’s five-acre farm to a more permanent space. The NMTC financing comes from a $14 million allocation by National New Markets Fund and a $13 million allocation by Texas Mezzanine Fund. U.S. Bancorp Community Development Corporation (USBCDC) served as the equity investor.
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