JACKSON, Miss.–Hope Credit Union said it has entered into a partnership with New Orleans-based Canseco Properties in an expansion deal that will sustain affordable grocery stores with healthy food options and bring jobs to underserved communities.
“With the new store will come 20 new jobs and a variety of food options for shoppers, including a sushi bar, an expanded deli counter, refrigeration for fresh fruits and vegetables, an in-house bakery, and prepared foods,” the credit union said.
The store will serve over 21,000 residents, three out of four of whom are Black.
“Health and financial wellness are linked in many ways but the communities we serve are vulnerable to food droughts and unhealthy food options due to years of discrimination,” says HOPE Senior Vice President of Community and Economic Development Kathy Saloy. “Canseco’s Market will create new jobs, while making healthy groceries accessible for our communities.”
In addition to Canseco Properties, HOPE announced other loan closings with businesses it said are part of its efforts to expand and offer housing and financial services to communities in the Deep South.
Additional Partnerships
Those partnerships include:
- Brookville Gardens Group LP is acquiring a 120-unit apartment complex in Starkville, Miss. Using Low-Income Housing Tax Credits, Brookville Gardens will be developing the property in 12 months and utilize HOPE’s bridge loan program for 24 months.
- HOPE financed Valley Oaks, Ltd., a 56-unit development, in Valley, Ala. Low Income Housing Credits will help to fund this construction. Additionally, U.S. Treasury Capital Magnet Funds will be a part of the financing for the construction of the 56-unit development, according to Hope.
- L&H Enterprises is a firm that specializes in financial consulting and event hosting. To facilitate this, L&H is purchasing a multi-functional commercial building as an event center called “The Haven.” It will consist of office spaces and other spaces to host events for groups of up to 60 people in Baton Rouge, La., the CU said.