Virginia Community Capital Initiative Could Help Food Deserts
A new initiative proposed by Virginia Governor Terry McAuliffe would help Virginia Community Capital finance more grocery stores, eliminating food deserts in communities throughout the state. The proposed Virginia Grocery Investment Fund is a $10 million fund devoted to creating a viable business model for financing grocery stores in low-income urban and rural communities that lack access to healthy foods. Under the plan, Virginia Community Capital would invest $15 million of its own money in financing grocery stores, then seek an additional $75 million from federal grants and private partnerships with organizations that want to bring grocery store options to food deserts. Virginia lawmakers will decide whether to approve the initiative later this month.