July 19, 2022
Joining City Fresh Foods’ founders Sheldon and Glynn Lloyd at the groundbreaking were City of Boston Chief of Economic Opportunity and Inclusion Segùn Idowu; South Shore Bank Chief Commercial Banking Officer Stephen DiPrete; Secretary of Housing and Economic Development Michael Keneally; Mass Development CEO Dan Rivera; Megan Sandel, MD, MPH, Boston Medical Center; JP Morgan Chase VP of Community Development Banking, Mark Migliacci; and leaders from The Community Builders, National Development Council, the Federal Home Loan Bank Board of Boston and the Massachusetts Housing Investment Corporation.
The new facility provides a permanent home to a local black- and employee-owned business that makes food for the city’s most vulnerable citizens, especially students and seniors. The project will result in the creation and retention of 220 jobs paying living wages, providing career path opportunities, and offering employee ownership for residents of Roxbury, Mattapan, Dorchester, and nearby communities.
South Shore Bank led the financing team, which involved multiple partners who worked together to make the acquisition and new headquarters a reality.
This was the first time that South Shore Bank had worked with the New Markets Tax Credit (NMTC) program. NMTC was established in 2000 to provide an investment incentive for projects in low-income communities, providing investors a federal tax credit. The Massachusetts Housing Investment Corp. worked with the South Shore Bank and City Fresh. South Shore Bank updated bank policies to ensure it could accommodate the program.
City Fresh representatives say the company prides itself on creating jobs for people in the area, so the company is pleased to be relocating across the street from its current facility. Most employees live 5-10 minutes away from the facility in Roxbury.
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