$24 Million Investment Fund to Revitalize Low-Income Neighborhoods

Strategic Insights -

A community development support organization, The Retail Initiative Inc. (TRI), has unveiled a $24 million investment fund to develop shopping centers with major supermarket tenants in low-income neighborhoods. The fund plans to invest in 14 cities across the United States, with a focus on creating 12 to 14 supermarket-anchored shopping centers that offer quality, affordable food and other goods. This initiative is a response to the wide-scale abandonment of inner cities by supermarket companies in the 1970s, and aims to provide low-income residents with access to quality affordable food and jobs.

Key Takeaways:

  • The Retail Initiative Inc. (TRI) is a $24 million investment fund that aims to develop shopping centers with major supermarket tenants in low-income neighborhoods.
  • The fund plans to invest in 14 cities across the United States, including Los Angeles, Chicago, New York, Washington, D.C., and Miami.
  • The investment money comes from 10 national corporations, including Bank of America, Home Savings of America, Great Western Bank, and First Interstate Bank.
  • The fund plans to help community groups develop 12 to 14 supermarket-anchored shopping centers, creating 2,000 permanent jobs in neighborhoods across the country in its first two years of operation.
  • TRI was created by the Local Initiatives Support Corp. (LISC), which aims to help community development corporations and supermarket companies work together to develop retail shopping centers.
  • U.S. Secretary of Housing and Urban Development Henry Cisneros has endorsed TRI, citing its potential to expand community-based development strategies.

Statistics:

  • $24 million investment fund to develop shopping centers with major supermarket tenants in low-income neighborhoods.
  • 14 cities across the United States to receive investments.
  • 12 to 14 supermarket-anchored shopping centers to be developed by TRI.
  • 2,000 permanent jobs expected to be created in neighborhoods across the country in its first two years of operation.

Sources:

  • "Washington, Sept. 22 - A community development support organization unveiled Thursday a $24 million investment fund to develop shopping centers with major supermarket tenants in low-income neighborhoods."
  • The Retail Initiative Inc. (TRI)
  • Local Initiatives Support Corp. (LISC)
  • US Department of Housing and Urban Development