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

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.
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