New York Fine Fare

Hampton Roads Ventures (HRV), in collaboration with other community development entities, is proud to have helped  bring a new Fine Fare Supermarket to the Fordham Heights community of the Bronx, New York, with $28 million in New Markets Tax Credit (NMTC) financing. This investment helped transform a vacant landmark building into a thriving grocery store that addresses a critical need in a community designated as having low access to food. With an unemployment rate over 18% and a poverty rate of 47.4%, the Bronx neighborhood lacked a nearby grocery store, forcing residents to travel long distances for fresh food.

The project not only improves access to affordable, healthy food but also creates 120 permanent jobs, providing a much-needed economic boost to the area. The supermarket will serve over 318,000 people, offering fresh produce, meats, and other essential grocery items at competitive prices. HRV’s financing, alongside other community development entities, enabled Fine Fare to operate within the city’s NYCIDA FRESH program, which helps reduce the costs of developing grocery store spaces in underserved areas.

By investing in this project, HRV helped bring vital services to a neighborhood with a median income of just 29.2% of the area median income (AMI). Fine Fare’s commitment to hiring locally ensures that the store contributes to long-term economic stability in the Bronx. This project is a prime example of how NMTC financing can create jobs, provide healthy food options, and improve the quality of life for residents in underserved communities.