Community Development Finance

Focus on Puerto Rico
In 2019, the New York Fed is focusing on Puerto Rico as it rebuilds and improves its economic resiliency after Hurricane Maria. The New York Fed's work 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, which includes a Resource Guidebook and a series of educational programs on CRA, community development, and capacity building for nonprofits on the Island as well as bringing Investment Connection, a program that matches financial organizations with those that have CRA-eligible community and economic development proposals in need of investment, to Puerto Rico.

Key Dates:
  • June-July 2019: CRA and Community Development Training
  • September 2019: Resource Guidebook
  • October 2019-February 2020: Investment Connection

How the community development progression model works

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

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