SB260 - Healthy Food Financing Act Summary

• Establishes the Healthy Food Financing Fund administered by the Alabama Department of Economic and Community Affairs to provide loans and grants for grocery store construction, renovation, and expansion in underserved low and moderate income areas.

• Requires at least 25 percent of fund monies be expended as grants or forgivable loans, with no more than 10 percent reserved for administrative costs.

• Eligible applicants include for-profit and nonprofit entities that demonstrate project implementation capacity, debt repayment ability, and commitment to allocate at least 30 percent of retail space for perishable foods for five years.

• Department shall establish monitoring mechanisms and report annually to the Legislature on funded projects, geographic distribution, costs, job creation, and health impacts.

• Financing may cover site acquisition, construction, equipment, workforce training, pre-development costs, energy efficiency measures, and working capital for inventory and startup costs.