jims-local-market-brooks-crossing-grocery-store-virginia-healthy-food-desert-Bakery-400x265jims-local-market-brooks-crossing-grocery-store-virginia-healthy-food-desert-nmtc-Logo-400x180
$3.5 Million in New Markets Tax Credit Funds

Jim’s Local Market

Providing Healthy Food to an Urban Food Desert

Jim’s Local Market Community Development Project Story

The Southeast Community corridor of Newport News area is designated as a food desert.* Affordable, healthy, nutritional food choices are not readily available. Transportation to food providers is not only expensive, but the time incurred for transportation puts some of that food at risk of improper food handling, which could lead to spoilage if exposed for prolonged periods of time. The area includes one of the highest concentrations of poverty in the city. In addition, some of the highest unemployment numbers exist here and the number of jobs available in the direct vicinity is low.

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CBO’s subsidiary, Community Development Funding, provided $3.5 million in New Markets Tax Credit funding to finance the Brooks Crossing mixed used development which includes Jim’s Local Market (JLM) as its anchor tenant. JLM addresses the low income Southeast Community’s need for healthy foods by operating a 69,000 square foot full-service, conventional supermarket with easy access for 66,000 area residents. Carrying a wide assortment of goods in a clean, safe environment, the store will appeal to the mixed demographic base surrounding the store. JLM also includes nutrition education in its model and will work with Bon Secours to have an on-site nutritionist in the store. JLM will be a catalyst in bringing the neighborhood together by supporting community activities, churches and schools by providing a percentage of their pre-tax profits to the neighborhood. The employee base of the store will be largely made up of people that live in the neighborhood, providing much needed jobs.


The Brooks Crossing development is a Public Private Partnership between Brooks Crossing and the Newport News Economic Development Agency intended to revitalize a long-neglected part of the city and stimulate economic activity. Besides Jim’s Local Market, it will also include a police station and a mix of residential, office and retail uses.

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* Food deserts are defined as urban neighborhoods and rural towns without ready access to fresh, healthy, and affordable food. Instead of supermarkets and grocery stores, these communities may have no food access or are served only by fast food restaurants and convenience stores that offer few healthy, affordable food options. The lack of access contributes to a poor diet and can lead to higher levels of obesity and other diet-related diseases, such as diabetes and heart disease.

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.
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US Department of Agriculture Programs (USDA)

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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.
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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