Geithner in Philly to tout grocer subsidies: UPDATE

Treasury Secretary Timothy Geitner is in Philadelphia today, joining Ag Secretary Tom Vilsack and the president's wife Michelle Obama "to announce new details of the Healthy Food Financing Initiative," an urban grocery subsidy program backed by the Depts of Treasury, Agriculture, and Health & Human Services that plans to use $400 million a year in taxpayer money "to help bring grocery stores to underserved areas and help places such as convenience stores and bodegas carry healthier food options."

ADD: From Geithner's remarks:  "That incentive is a tax credit, valued at 39 percent of the investment's total cost and claimed over a seven-year period. And through this innovative partnership with the private sector, local developers are able to create new jobs and services for residents in their community.

 "In addition, we are providing $25 million in Treasury grants to certified community development financial institutions that have already been successful in increasing healthier food options in distressed areas and that, with our support, will be able to do even more.: He also visited a Treasury-subsidized Fresh Grocer store.

EARLIER: Also while in Philadelphia, "Secretary Geithner will have a private meeting with Governor Ed Rendell."

More on the Healthy Food Financing Initiative from the Reinvestment Fund (TRF), a Philadelphia-based lender headed by Jeremy Nowak, vice chairman of the board of the Federal Reserve Bank of Philadelphia. TRF makes subsidized loans to city grocers.

ALSO: Philadelphia's Aramark, which says it serves 300 million school meals/year, says it's co-promoting better eating with Mrs. Obama.  Or, as Wall St Journal put it, "Let Them Eat Kale." ... Dennis Maple, president of Aramark Education, visited with the First Lady at Fairhill School in North Philly today, Aramark spokeswoman Karen Cutler told me.