RDP Invests $15 Million in NMTCs to Help Food Bank of the Rockies Expand

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Jun 26, 2024, 13:57 ET

AURORA, Colo., June 26, 2024 /PRNewswire/ -- Rural Development Partners invested $15 million in New Markets Tax Credit financing to help Food Bank of the Rockies expand their distribution center to Aurora, Colorado. Without NMTCs, the expansion would be significantly delayed or scaled back, limiting the ability to address food insecurity. The facility will support 179 full-time jobs, increase farmer sourcing, expand rural outreach, and quadruple the capacity for volunteer operations.

"We are excited to partner with the Food Bank to complete their new facility in Aurora. The added space will allow them to further their mission of reaching food insecure individuals throughout Wyoming and Colorado, and greatly increase their ability to provide additional services and programs." – Dan Helgeson, CEO of Rural Development Partners

A large commercial kitchen will increase distribution of summer and after-school meals to students, increase capacity for frozen meals, and enable workforce development opportunities. 318% more refrigeration space will accommodate greater distribution of fresh produce anticipating an annual distribution of 96.1 million pounds of food through direct services and network partnerships by 2028.

Food storage and production capacity will increase by 109,000 SF, better supporting program expansion to rural communities. Introduction of the Order Ahead Program will accommodate special dietary needs, and growth of the Food for Kids Program supported. Anticipated increase of food distribution is 1.7 million pounds in 2021 to 5 million pounds in 2028, with pantry sites established at 20 additional schools in underserved rural areas with potential to engage 100+ new rural partners by 2028.

"We are incredibly grateful for the support from Rural Development Partners. This investment is pivotal in our efforts to nourish our community and expand our reach to serve even more individuals and families facing food insecurity. The new distribution center will significantly enhance our capacity and essential services provided to our neighbors in need through our direct service programs and Hunger Relief Partners." – Erin Pulling, President & CEO of Food Bank of the Rockies

Rural Development Partners

Rural Development Partners is a Community Development Entity with a national service territory, helping businesses and organizations expand in underserved rural communities to create jobs, economic growth, and bring fresh/healthy food to low-income communities. From 2004 through 2023, RDP has won twelve NMTC awards from the U.S. Treasury totaling $751.7 million. To learn more about RDP or the NMTC program, visit their website or social media platforms: Facebook, LinkedIn, or YouTube.

Contact: [email protected]

SOURCE Rural Development Partners