Thank you for that kind introduction Patrick (Burns).
Good morning and season's greetings. It is certainly a pleasure to be here today, not only celebrate the opening of The Fresh Grocer supermarket in this historic Plaza, but to revel in the anticipation of the many long-term benefits this project will have in the months and years to come.
Projects like this do not happen easily, thus I am very happy to be able to share this moment with you. It is apparent that all the partners involved in this achievement - Progress Trust (the developer), The Fresh Grocer (supermarket), The Reinvestment Fund, the City, State, and their elected officials, and especially the community residents - share a common vision.
So, to celebrate this very real, very powerful example of how public-sector investors - the city, state and federal governments - and the private-sector investors can come together to revitalize this Plaza and build this new supermarket is truly inspiring.
Back in Washington, DC, I have the great honor and responsibility of managing a special part of the US Department of the Treasury that cares deeply about the value that this shopping center and supermarket will bring to this community. At Treasury, I manage the Community Development Financial Institution - or "CDFI" Fund which administers several competitive award programs that provide critically needed capital and tax credits to high quality organizations like TRF nationwide.
Programs like the New Markets Tax Credit Program which helped make this project possible also benefit hundreds, if not thousands of distressed communities nationwide. The Reinvestment Fund's New Markets Tax Credit allocation allowed for the slower pace of development needed in this project so that existing tenants would not have to be moved and it supported the higher costs of bringing a new full-service supermarket to an urban neighborhood.
We also administer the CDFI Program through which we provide capital, mostly in the form of grants, to CDFIs like The Reinvestment Fund nationwide.
What we look for - particularly this year with the additional resources we received through the American Reinvestment and Recovery Act - is the ability of a CDFI to get funds out quickly to Main Street America, supporting projects that could rapidly make a difference in difficult economic times like these.
Progress Plaza shopping center and The Fresh Grocer certainly do just that - this 46,000 square foot supermarket not only brings improved access to healthy, affordable fresh foods, it also created 225 new jobs in this North Philadelphia community!
As the Director of the CDFI Fund, I spend a lot of time talking about the role of the Fund and the important work that CDFIs are doing in urban and rural communities across America, because frankly many are not aware. So, for me, a day like today is particularly poignant because it demonstrates why I work so hard for the types of resources that were utilized in this project and because it allows me to see first-hand the role that a leading CDFI like The Reinvestment Fund can play in bringing lasting benefits to communities like this one.
So, I think you will agree that if Leon Sullivan were alive today, he would be very happy to know that the CDFI Fund exists and to see what it helped build here at Progress Plaza!
Before I close, I'd like to mention a fairly young initiative that has gained much traction here in the state of Pennsylvania - the Pennsylvania Fresh Food Financing Initiative.
At the national level, there is a growing recognition of the problems associated with limited access to healthy foods, particularly in low-income neighborhoods.
As you may know, last summer Obama Administration officials visited Philadelphia to learn about this program. And from what I hear, it appears that interest is growing - both in Congress and in various federal agencies - regarding the value and impact of this program model. This is good news, because the PA Fresh Financing Initiative is a great model that can help to create jobs, stimulate economic development in low-income communities, reduce health disparities and improve health.
Thank you for making this a beautiful and historically significant day. I appreciate and look forward to continuing our work together.