Community Development Finance

Focus on Puerto Rico

As Puerto Rico rebuilds and improves its economic resiliency after Hurricane Maria, the New York Fed's work there is designed to identify community development opportunities, attract investments to the Island, and leverage the federal government's support of CRA-eligible investments in the region. The New York Fed is implementing the community development finance progression model, as described here on Medium.

More on the CoDeFi Progression Model in Puerto Rico English | Spanish

Investment Connection

Investment Connection matches financial institutions and other capital providers, called "funders," with nonprofit and community development organizations, or "applicants," whose needs may qualify for credit under the CRA. The aim is to boost investments in low- and moderate-income communities and encourage partnerships between funders and local stakeholders.

Key Dates:
Aug. 7 at 1 p.m in English and at
2 p.m. in Spanish: Conference Call for Interested Applicants at 1-888-363-4735 | Access Code: 8631397

Oct. 1-15: Investment Connection Proposal Submission Period

Oct. 15-Nov. 30: Investment Connection Proposal Review Period

Dec. 1: Organizations are informed of Proposal status

Jan. 28, 2020: Investment Connection Pitch Program in San Juan, Puerto Rico

Resources:
Frequently Asked Questions & Answers on Investment Connection English | Spanish

Overview of Investment Connection Website and Proposal Submission Process English | Spanish

Sample Investment Connection Proposal English | Spanish

Press Release English | Spanish

Questions? Email NYInvestmentConnection@ny.frb.org.

CRA and Community Development Workshops

May 30: Community Reinvestment Act Workshop, San Juan, Puerto Rico English | Spanish

September 12: Building Public Private Partnership Workshop, San Juan, Puerto Rico—Register Now

CRA Resources
Introduction to the Community Reinvestment Act PowerPoint Presentation English | Spanish

Community Reinvestment Act Decoded English | Spanish

Weathering the Storm: CRA and Disaster Relief PowerPoint Presentation English | Spanish

Interagency Statement on CRA Consideration for Community Development Activities in Puerto Rico English | Spanish

About Community Development Finance
The Community Development Finance Initiative (CoDeFi) supports the transformation of underserved communities in the Second District by working closely with local organizations and helping to increase the impact of community investments. CoDeFi also leverages the Federal Reserve System's role in overseeing financial institutions' compliance with the Community Reinvestment Act (CRA), which requires banks to lend, invest, and offer services to low- and moderate-income communities in the areas where they operate.
Related New York Fed Content
Related External Content
Contacts