Located in the Far Rockaways, the owners of Food Dynasty opened the store as part of the Key Food cooperative in 2011. The store provides fresh, healthy food in a community where 25% of families live in poverty and residents are affected by high rates of diet-related diseases, including heart disease, diabetes and obesity. Hurricane Sandy hit the community hard and caused power outages that lasted more than 15 days, forcing Food Dynasty to close. The owners lost an estimated $500,000 due to spoilage, loss of business and fuel expenses to run a generator. In order to cover expenses and losses incurred during the storm, LIIF provided a $250,000 term loan to the owners of Food Dynasty from its allocation of Healthy Food Financing Initiative (HFFI) funds. HFFI is a program administered by the U.S. Treasury’s Community Development Financial Institutions Fund to increase access to affordable, nutritious food in low income communities. LIIF had dedicated $1 million of funds in the wake of Hurricane Sandy to provide support for food retail outlets affected by the storm.
- 23,000-square-feet of healthy food space preserved
- $250,000 term loan through LIIF’s Sandy Relief Funds and the Healthy Food Financing Initiative