NMTCs Help Central Texas Food Bank Expand Waco Facility
FOREST CITY, Iowa, March 5, 2025 /PRNewswire/ -- Rural Development Partners awarded $18 million in New Markets Tax Credit financing to Central Texas Food Bank (CTFB) for the expansion of a 65,000 square foot facility strategically located in Waco, Texas. The new facility will serve nine of CTFB's most food insecure counties, five of which are rural. The investment will create/retain 171 FTE jobs (28 new) and 59 construction jobs while allowing more of the Food Bank's capital for vital operations.
"RDP is proud to Partner with such a wonderful organization. CTFB's new Waco Facility will go a long way in helping them continue their efforts in fighting food insecurity across the region. We look forward to our continued partnership with the Food Bank and are very excited to see the positive impacts provided to the residents they serve." - Dan Helgeson, Chief Executive Office of Rural Development Partners
Strategy for New Food Bank
The new facility is designed to meet the needs of Waco and the surrounding area's growing population and need for accessible, nutritious food. Amenities will provide improved services to partner agencies and distribution sites, accommodate workforce development opportunities, and serve as a community resource providing wrap-around services imperative in a high-need region. Amenity features include:
- Food Bank & Warehouse for dry, refrigerated and frozen foods - allowing for rapid inspection, sorting, distribution and cross-docking.
- Resource Center, including a market-style onsite pantry offering emergency food and private office space for a Benefits and Emergency Services team to provide individualized assistance to those seeking government benefits, as well as nutrition-education.
- Commercial Kitchen for preparation of fresh, nutritious meals for children and older adults, as well as additional training space to extend CTFB's Culinary Training program; a 12- week course preparing community members for careers in the hospitality industry.
- Volunteer Engagement, providing community members with an inviting and fun atmosphere to assist their neighbors in an organized manner as well as increase CTFB's ability to reclaim food from retail and other sources within the region.
- Garden to grow, harvest, prepare and distribute fresh food to the community.
CTFB will reserve approximately 200,000 square feet of additional land for future expansion.
"We are excited to partner with RDP to serve rural communities in the nine northern counties of our service area through this New Markets Tax Credit," said Sari M. Vatske, Central Texas Food Bank President + CEO. "RDP's partnership is a testament to the strength of the Central Texas Food Bank, its team and the project, as loans such as these are highly competitive. Together, we will improve lives of Central Texans ensuring more direct access to nutritious food and other services for neighbors in McLennan and surrounding counties."
Central Texas Food Bank
The Central Texas Food Bank (CTFB) is the leading hunger-relief nonprofit in Central Texas, working to provide immediate and equitable access to nutritious food for individuals across its 21-county service area. Through a combination of direct service programs and a network of approximately 240 nonprofit community partners, CTFB supports over 530,000 food-insecure individuals annually.
Rural Development Partners LLC
Rural Development Partners is a Community Development Entity with a national service area eligible to apply for an annual allocation of Federal New Markets Tax Credits. From 2004 through 2024, RDP has won thirteen NMTC awards from the US Treasury totaling $816.7 million. Funding has helped over 50 businesses and nonprofits expand to provide quality jobs, economic impacts, and healthy food access in underserved communities. RDP seeks to serve and partner with businesses, non-profits, communities, and government entities that share its mission to build public-private partnerships for catalytic job growth in rural America. Learn more about RDP and the NMTC program by visiting our website or social media platforms at Facebook, LinkedIn, and YouTube.
Media Contact: Rural Development Partners, info@rdpimpact.com
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SOURCE Rural Development Partners