Central Texas Food Bank (2016)

 

The Central Texas Food Bank (CTFB) is the largest hunger-relief nonprofit in central Texas. It provides food and grocery products, nutrition education, and social services outreach to 300,000 clients each year through a network of 300 Partner Agencies in 21 counties. CTFB serves as a clearinghouse, receiving and storing donated food, fresh produce, and other groceries and then distributing these items in manageable quantities to its independent partner agencies.

CTFB needed to increase its capacity to continue meeting the growing demand for its services—one in six Central Texans, including one in four children, is food insecure. The nearly $20 million project created a new 135,000-square-foot distribution center that can serve the food bank’s 19,064-square-mile service area in central Texas. The new facility opened in May 2016.

Texas Mezzanine Fund provided $11 million in NMTC financing, Urban Action Community Development provided $6 million in NMTCs, and Chase New Markets Corporation provided $1.5 million in NMTC financing, while Chase Community Equity served as the equity investor, providing more than $6 million in capital to the project. BBVA Compass Bank provided a $12.5 million leveraged loan to the project underwritten with Central Texas Food Bank capital campaign proceeds and cash sourced from the sale of land from CTFB’s previous food bank site.

Texas Mezzanine Fund learned of the project from TMF NMTC committee member Gary Lindner, President and CEO of PeopleFund, an Austin-based non-profit and CDFI organization. CTFB's expanded capacity now allows it to distribute more than 60 million pounds of food, twice the amount it previously could, and to serve 46,000 people weekly, one-third of them children. The new facility can accommodate 120 volunteers per shift, a dramatic increase from the food bank’s previous location.

 

LOCATION

AUSTIN, TX

 

INVESTMENT

TOTAL PROJECT COST: $XX MILLION
NMTC AMOUNT: $12.5 MILLION

 

IMPACT

35 FULL-TIME JOBS
100 CONSTRUCTION JOBS

PARTNERS

CHASE
CHASE NEW MARKETS CORPORATION

 
New Market Tax CreditCOALESCENCE