As a leading national community development financial institution, the Low Income Investment Fund (LIIF) invests capital in low income people and communities. Since its founding in 1984, LIIF has invested over $2.3 billion in capital, serving over 2 million people and generating over $59 billion in family and societal benefits.
Low Income Investment Fund (LIIF) is using HFFI funding to provide financing and technical assistance to food markets located in, or planning to locate in, low- to-moderate-income communities that lack access to affordable, healthy food. LIIF has funded projects in Louisiana, New York, and Pennsylvania. Food Dynasty in Far Rockaway, NY received a $250,000 term loan to cover expenses and losses incurred during Hurricane Sandy. Triangle Plaza Hub in South Bronx, NY received a $10 million allocation of New Market Tax Credits and a $5.75 million leverage loan to transform an underutilized lot into an 86,000-square-foot mixed-use, transit-oriented facility which includes a full-service supermarket. The facility will create 188 permanent jobs and 117 construction jobs. Some of the funds from this award were used to support the development of healthy food supermarkets and a farmers market in the following New York cities: Mount Vernon, Highland Falls, Brooklyn, Buffalo, Red Creek, and Staten Island.
In addition to its national work supporting the development and expansion of fresh food outlets in underserved communities through its national financing and policy efforts, LIIF is the lead administrator for the New York Healthy Food & Healthy Communities Fund. As a result, LIIF has dedicated more than $30 million to increasing healthy food access for low income families.
HFFI Projects and Projected Impacts
Urban Fresh, Far Rockaway
- Helped recover from $500,000 worth of losses and expenses incurred during Hurricane Sandy.
Nojaim Bros. Supermarket, Syracuse
- Renovated a 50-year-old building
- Financed new equipment and a 3,000-square-foot expansion
Key Food Market, Staten Island
- An existing one-story building was turned into a new 9,000 square foot market.
Source of money: HFFI CDFI-Financial Assistance Program; Fiscal year(s): 2011, 2013, 2014