NEW YORK, NY- December 21, 2023 – Empowerment Reinvestment Fund (ERF), a subsidiary of TruFund Financial Services, Inc. (TruFund, is proud to announce the closing of the Grand Concourse New Markets Tax Credit (NMTC) transaction! ERF’s NMTC allocation of $5 million, joins the allocation from three additional CDEs, to fund the purchase and rehabilitation of 50,363 SF Landmark historic building for use as a Fine Fare grocery store and other retail/commercial tenants in the Bronx, NY. The project is expected to create 120 new permanent quality jobs, including 70 at the grocery store. The grocery store will serve nearly 320,000 residents, 88% of whom are low-income, helping to close the gap in healthy foods accessibility in a community identified by the NYC government’s Fresh Program as having low access to a supermarket or grocery store.
ERF has received $390 million in NMTC allocation over eleven rounds. In its 21-year history, ERF has created/retained nearly 8,000 jobs in 54 projects, including providing retail healthy food access to nearly 200,000 patrons annually in 4 food deserts across the country.
For more information, please contact Naomi Baruch at 646-634-7896 or at NMTC@trufund.org
