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$3.6 Million in New Markets Tax Credit Financing

Florece Hidroponia
Morovis, Puerto Rico

Hydroponics Help to Solve Food Security Problems in Puerto Rico

Puerto Rico's Florece Hidroponia Community Development Project

Puerto Rico has close to 4 million residents; it imports approximately 90% of the food it consumes and by some estimates has little more than one week’s food supply on the island. Over the last several decades, the agriculture sector has declined precipitously, from over 20% of Gross National Product (GNP) to less than 1% of GNP. As a result, “food security” has declined dramatically and the reliable access to a sufficient quantity of affordable and nutritious food has become a major concern. Hydroponics can help solve this looming food security problem.

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In recent years CBO Financial’s subsidiary, Community Development Funding (CDF), has expanded into Controlled Environment Agriculture such as hydroponics, focusing on sustainable production, processing and distribution of healthy foods. In 2014 CDF funded its first major investment in this area by providing $3.6M in NMTCs to Florece Hidroponia, a hydroponic tomato production facility in Morovis, Puerto Rico. Morovis is in the north central region of the Island a little over a half hour drive from San Juan and is composed in its entirety of low-income communities, with a 64% poverty rate and 22% unemployment. Historically an agricultural farm-working community, jobs have been lost as Puerto Rico’s agriculture sector has declined. Florece Hidroponia will contribute to the revitalization of this severely distressed community and provide quality jobs and skills training to low-income residents in a growth industry of significant importance.

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The 175,000 square foot hydroponic facility can produce up to 2.2M pounds of tomatoes annually and represents an engine for job creation that will help revitalize the low-income community and serve as an educational and training center by incorporating observation points and work and training areas. It also provides fresh, locally produced food which is greatly lacking on the island. Florece Hidroponia is a good example of CBO Financial’s commitment to improving the lives of Puerto Rico’s citizens.

MILLIONS OF DOLLARS. IMMEASURABLE RETURNS.

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Does Your Project Qualify for Low-Cost Financing or New Markets Tax Credits?

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Other Financing Services

CBO Financial provides a range of services to help plan and finance projects located in low income communities, including below-market loans and subsidies.

Project Planning And Financial Modeling

Start a project right by identifying anticipated predevelopment expenses, project budget, sources/uses of funds, cash flow forecasts and debt service coverage.
Project Planning And Financial Modeling

Financing Request Package Development

Developing a comprehensive Financing Request Package (FRP) is an important first step in securing financing and/or project subsidies for community development.
Financing Request Package Development

US Department of Agriculture Programs (USDA)

The USDA offers various economic development projects; two of which are beneficial to community development projects are the Community Facilities and Rural Utilities Programs.
US Department of Agriculture Programs (USDA)

HISTORIC TAX CREDIT APPLICATION Assistance

CBO Financial can assist and take a leadership role in developing both Part I and Part II federal and state Historic Tax Credit applications.
HISTORIC TAX CREDIT APPLICATION Assistance

RACP APPLICATION PREPARATION Assistance

Redevelopment Assistance Capital Program is intended for regional economic, cultural, civic, recreational, and historical improvement in Pennsylvania.
PENNSYLVANIA RACP APPLICATION PREPARATION

Puerto Rico Financing Programs Assistance

Puerto Rico financing programs offers many community development opportunities for mainland investors and local business owners.
Puerto Rico Financing Programs Assistance

You see challenges. We see possibilities.
Your community sees change.

Established in 1999, CBO Financial is a financial consulting firm that specializes in helping businesses secure funding for development projects in the nation’s most distressed communities. Our experts understand how to present economic, environmental, and societal benefits to public and private organizations so your project receives the funding it needs to move forward quickly and reasonably. A CBO Financial subsidiary, Community Development Funding, LLC, has received six awards under the federal New Markets Tax Credit program totaling $150M. In addition the team has taken a leadership role in securing 18 awards for clients totaling over $400M.
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The funding is out there

CBO can be your access point for a variety of flexible financing sources including gap financing using New Markets Tax Credits, Historic Tax Credits, Tourism Tax Credits, Property Assessed Financing, Opportunity Zone Funds and others.
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 a Significant Impact

CBO is on a mission to help elevate the lives of people living in distressed communities by providing flexible, below-market gap financing to high-impact projects that cannot otherwise move forward. Does your project qualify for financing?
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Million-dollar stories

The CBO team has funded over $1 billion in projects for local and national nonprofits, for-profit developers, and municipal agencies. Our team can help you find the low-cost financing or new market tax credits needed for your projects.
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Does Your Project Qualify for Low-Cost Financing or New Markets Tax Credits?

Reach out to our specialists to discuss how we can work together.
Get a Free Project Analysis