SB 506 Summary

• Creates the Healthy Food Financing Act to establish a revolving fund administered by the Oklahoma Department of Agriculture, Food, and Forestry for financing healthy food retail projects in underserved communities.

• Fund consists of state appropriations, federal funds, donations, grants, and contributions; limits administrative costs to 10% of expenditures unless provided from other sources.

• Eligible projects include construction of new grocery stores or small food retailers (under 2,500 square feet) and renovations/expansions of existing stores in underserved areas that primarily serve low or moderate income communities.

• Financing may cover site acquisition, construction, equipment, workforce training, pre-development costs, energy efficiency, working capital, and refrigeration equipment (up to $5,000 for small retailers).

• Applicants must demonstrate capacity for economic sustainability, ability to repay debt, and agree for 5 years to accept SNAP and WIC benefits, allocate 30% of retail space to perishable foods, comply with reporting requirements, and promote local hiring; Department must report annually to Legislature on funded projects and outcomes.