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The Obama Administration has announced a request for $400 Million to bring Fresh Food to Inner City Poor. It seems like a great idea!
It turns out $00 Million will be to Finance Food Markets - aren't we in the middle of a Commercial Real Estate Recession/Depression. This got my attention because the SuperMarkets that I frequent are struggling to keep their numbers up and appear to offer sales when they can (to counter act the general rising tide of Food Prices).
At the President State of the Union Address in January Michelle Obama had a guest in her Box and his name was Jeff Brown. Jeff built a Super Market in the Inner City of Philadelphia in the last couple of years. He sounds like a great entrepreneur???
How did he Finance this Super Market - hard earned savings perhaps. Nope.
Jeff Brown is the Client of a little know company call the Reinvestment Fund. The Reinvestment Fund has been providing Financing for Low Income Housing Projects for years. The CEO is Jeremy Nowak who also was appointed the Deputy Director of the Philadelphia Reserve Bank of Philadelphia. Mr Nowak and his executive team have been changing gears from Housing to building Super Markets in the Inner City with Financing provided through Federal and State Programs. Pennsylvania has a Program called they Fresh Food Finance Initiative that has help the Reinvestment Fund provide Financing for their Clients that wished to build Super Markets in the Inner City.
So, from 2007-2008 Executives of the Reinvestment Fund gave approximately $15,000 to the Obama Campaign.
These donations by the Reinvestment Fund led to a meeting in July 2009.
http://www.trfund.com/news/inthenews_FFFI.html
"In the News:
Fresh Food Financing Initiative
The White House came to Philadelphia on July 23 to spotlight the PA Fresh Food Financing Initiative. Jeremy Nowak was a participant in the Urban Summit the White House held just ten days earlier at which President Obama announced a national tour to learn about the ‘bottom up’ innovations working in cities across the country. We were delighted to host and support the White House on the first leg of this tour. The Obama Administration visited the successful FFFI-financed Brown’s Shop-Rite in West Philadelphia and led a packed town hall meeting. Moderated by Adolfo Carrion, Director of the White House Office of Urban Affairs, the senior Administration officials participating included Secretary Gary Locke of Commerce, Secretary Tom Vilsack of Agriculture and Deputy Secretary Ron Sims of HUD. Representative Dwight Evans, who has championed the program, TRF’s Jeremy Nowak, Yael Lehmann of the Food Trust, Jeff Brown of Brown’s Family Shop-Rites, and Lucinda Hudson, a local community leader, spoke about the program and its impact. Mayor Nutter welcomed all to Philadelphia and offered opening remarks.
Here is an article that includes a Picture of the First Lady visiting one of The Reinvestment Funds Clients.
http://www.philly.com/inquirer/front...N__Phila_.html
So, you'll be hearing about the Healthy Food Financing Initiative to help the Poor Eat better. But, in fact its just a Commercial Real Estate Financing provided by the Tax Payers for those with Access to the White House. Croonie Capitalism at its best done in the name of helping the Poor.
In 2010 do we really need to build Any more Super Markets?
BTW- the Reinvestment Fund is a NON-Profit and Mr Nowak paid himself $317,000 to Run the Non -Profit in 2008.
It turns out $00 Million will be to Finance Food Markets - aren't we in the middle of a Commercial Real Estate Recession/Depression. This got my attention because the SuperMarkets that I frequent are struggling to keep their numbers up and appear to offer sales when they can (to counter act the general rising tide of Food Prices).
At the President State of the Union Address in January Michelle Obama had a guest in her Box and his name was Jeff Brown. Jeff built a Super Market in the Inner City of Philadelphia in the last couple of years. He sounds like a great entrepreneur???
How did he Finance this Super Market - hard earned savings perhaps. Nope.
Jeff Brown is the Client of a little know company call the Reinvestment Fund. The Reinvestment Fund has been providing Financing for Low Income Housing Projects for years. The CEO is Jeremy Nowak who also was appointed the Deputy Director of the Philadelphia Reserve Bank of Philadelphia. Mr Nowak and his executive team have been changing gears from Housing to building Super Markets in the Inner City with Financing provided through Federal and State Programs. Pennsylvania has a Program called they Fresh Food Finance Initiative that has help the Reinvestment Fund provide Financing for their Clients that wished to build Super Markets in the Inner City.
So, from 2007-2008 Executives of the Reinvestment Fund gave approximately $15,000 to the Obama Campaign.
These donations by the Reinvestment Fund led to a meeting in July 2009.
http://www.trfund.com/news/inthenews_FFFI.html
"In the News:
Fresh Food Financing Initiative
The White House came to Philadelphia on July 23 to spotlight the PA Fresh Food Financing Initiative. Jeremy Nowak was a participant in the Urban Summit the White House held just ten days earlier at which President Obama announced a national tour to learn about the ‘bottom up’ innovations working in cities across the country. We were delighted to host and support the White House on the first leg of this tour. The Obama Administration visited the successful FFFI-financed Brown’s Shop-Rite in West Philadelphia and led a packed town hall meeting. Moderated by Adolfo Carrion, Director of the White House Office of Urban Affairs, the senior Administration officials participating included Secretary Gary Locke of Commerce, Secretary Tom Vilsack of Agriculture and Deputy Secretary Ron Sims of HUD. Representative Dwight Evans, who has championed the program, TRF’s Jeremy Nowak, Yael Lehmann of the Food Trust, Jeff Brown of Brown’s Family Shop-Rites, and Lucinda Hudson, a local community leader, spoke about the program and its impact. Mayor Nutter welcomed all to Philadelphia and offered opening remarks.
Here is an article that includes a Picture of the First Lady visiting one of The Reinvestment Funds Clients.
http://www.philly.com/inquirer/front...N__Phila_.html
So, you'll be hearing about the Healthy Food Financing Initiative to help the Poor Eat better. But, in fact its just a Commercial Real Estate Financing provided by the Tax Payers for those with Access to the White House. Croonie Capitalism at its best done in the name of helping the Poor.
In 2010 do we really need to build Any more Super Markets?
BTW- the Reinvestment Fund is a NON-Profit and Mr Nowak paid himself $317,000 to Run the Non -Profit in 2008.
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