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SOURCE The Reinvestment Fund
JPMorgan Chase Foundation as initiative's first investor
PHILADELPHIA, Jan. 29, 2014 /PRNewswire/ -- The Reinvestment Fund (TRF) announced the creation of ReFresh™, a national initiative to improve access to healthy food in urban and rural communities where long-standing barriers make it difficult for residents to live healthier, more stable lives. As the initiative's first investor, JPMorgan Chase Foundation awarded TRF a $2 million grant to grow healthy food financing programs in Florida, Ohio, Colorado and California's Northern and Central Valley regions.
"The JPMorgan Chase Foundation is proud to help CDFIs build capacity and increase collaboration in order to better support local economic growth, through its new CDFI Collaboratives program. This collaborative, led by The Reinvestment Fund, will support healthy food businesses and enable more residents of underserved communities to access fresh, healthy foods," said Janis Bowdler, Senior Program Director for Financial Capability and Affordable Housing, JPMorgan Chase Foundation.
Other economic development benefits are connected to healthy food businesses, including job opportunities and additional investments. In some communities, healthy food manufacturing and distribution systems could also create opportunity in regions that are currently underserved.
ReFresh's inaugural partners are the Finance Fund Capital Corporation, Florida Community Loan Fund, Northern California Community Loan Fund and Colorado Enterprise Fund.
The goal of ReFresh is that members share expertise and pursue opportunities in order to finance more food access projects-benefiting low-income communities, improving healthy food access, and contributing to community revitalization.
"Across the country, small, local organizations are doing great work to address food access and economic development issues in low-income communities," said TRF CEO Don Hinkle-Brown. "This initiative allows us to increase collaboration in ways that support local initiatives, grow local businesses, and benefit communities."
TRF is a national leader in rebuilding America's distressed towns and cities and improving the food landscape in low-income communities. TRF has made $1.3 billion in community investments, including more than $180 million in financing to 130 healthy food projects-from supermarkets to corner stores and produce distribution centers. After designing and managing the successful Pennsylvania Fresh Food Financing Initiative (FFFI) in 2004, TRF has developed a comprehensive approach to improving healthy food landscapes, including flexible capital and rigorous quantitative and qualitative analysis to inform financing and measure its impact. To learn more, visit www.trfund.com.
For more information: Kavita Vijayan
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