New Markets Tax Credits are relatively new, having been authorized by Congress in 2000 as a tool to bring investment in operating businesses or real estate in low-income communities. ORCCA worked with Wells Fargo, Craft3 (formerly Enerprise Cascadia), Community Funding Group, and Carroll Community Investments to make the New Markets Tax Credit transaction possible. This is one of the first New Markets Tax Credit projects to work with USDA B&I loan program in the country.
The cost for the new food bank is approximately $2 million dollars and is being built in partnership with Coos County. Funding for the new food bank is made possible by the partnership and support of Coos County, recipient of federal grant funds from the Community Development Block Grant Program through the Business Oregon Infrastructure Finance Authority. Other funders include the Ford Family Foundation, The Emergency Food Assistance Program (TEFAP) Infrastructure Grant Program, the Coquille Tribal Community Fund, the Cow Creek Umpqua Indian Foundation, and donations from our neighbors.
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