Investment Connection in Puerto Rico

Investment Connection matches financial institutions and other capital providers ("funders") with nonprofit and community development organizations ("applicants") whose needs may qualify for credit under the Community Reinvestment Act (CRA). The program's aims are to boost investments in low- and moderate-income communities and encourage partnerships between funders and local stakeholders.

These connections help funders better understand the needs of low- and moderate-income communities and build relationships with members of the nonprofit community. In addition, Investment Connection educates applicants on the CRA and community development.

How Investment Connection Works

Learn about the rollout of the Investment Connection in Puerto Rico below. For more information, read our Frequently Asked Questions in English or Spanish. For more information on the Community Reinvestment Act, read our fact sheet in English or Spanish. For questions, email

Workshops: May 30 and September 12, 2019

On May 30, the New York Fed hosted a workshop on the Community Reinvestment Act in San Juan, Puerto Rico. See the agenda in English or Spanish.

May 30 Workshop Resources
  • Introduction to the Community Reinvestment Act English | Spanish
  • Weathering the Storm: A Framework for Meeting CRA Obligations English | Spanish
  • Interagency Statement on CRA Consideration for Community Development Activities in Puerto Rico English | Spanish

On September 12, the New York Fed and LISC hosted a workshop on public, community, and private partnerships and tax credits in San Juan, Puerto Rico. In addition, attendees learned about the Investment Connection program. See the agenda in English or Spanish.

September 12 Workshop Resources

Applicant Conference Calls: September 23, 2019

On September 23, the New York Fed held two conference calls in English and Spanish with organizations that are interested in participating in the program.

  • Teleconference in English: 10:00-10:45 a.m.
  • Teleconference in Spanish: 11:00-11:45 a.m.
Proposal Submissions: October 1-15, 2019

From October 1 to October 15, organizations servicing Puerto Rico can submit proposals that meet the following guidelines:

  • The organization or proposed project must currently or will operate in Puerto Rico, the geographic area for this Investment Connection program.
  • The organization must have demonstrated expertise in the project area proposed and a record of sustainable operations.
  • Proposals must generally align with the definition of a community development activity in accordance with the CRA.
  • Greater consideration will be given to proposals that address disaster recovery and resiliency.

Review a sample Investment Connection proposal in English or Spanish.

Proposals and supporting documentation must be submitted on the Investment Connection website. Read an overview of the Investment Connection website and proposal submission process in English or Spanish.

Proposal Review: October 15 - November 30, 2019

From October 15 to November 30, submitted proposals will be reviewed by New York Fed CRA examiners and community development finance staff to determine if the proposed loan, investment, or service generally aligns with the definition of a community development activity in accordance withthe CRA. This evaluation does not constitute a determination that a loan, investment, or service made by the funder to the organization will receive CRA credit.

Applicants will be informed of their proposal status in December 2019. Approximately 15 to 20 proposals will be selected for the Investment Connection Pitch Program.

Investor Informational Session: December 5, 2019

On December 5, the New York Fed held an informational session for banks, foundations, and investors.

December 5 Informational Session Resources

Pitch Program: January 27-28, 2020

Organizations with accepted proposals had the opportunity to present their proposal pitches to funders, including banks, philanthropic organizations, and impact investors, at the Investment Connection Pitch Event on January 27-28, 2020, in San Juan Puerto Rico. Over two days, leaders of each participating organization provided an overview of their proposal, giving investors the opportunity to engage with some of the leading economic and community development organizations in Puerto Rico.

Learn more about the proposals.

Event Details
Date & Time
Monday, January 27, 2020—Tuesday, January 28, 2020
La Concha Hotel
1077 Ashford Avenue
San Juan, Puerto Rico 00907

January 27
9:00am Registration & Networking
9:30am Brief Welcome Remarks (via pre-recorded video)
John C. Williams, President & CEO, Federal Reserve Bank of New York
9:40am Opening Remarks
José R. González, President & CEO, Federal Home Loan Bank of New York
Adrián Franco, Director of Community Development Finance (CoDeFi), Federal Reserve Bank of New York
10:00am Affordable Housing Proposal Pitches
Acacia Network (10:05am)
COSSMA (10:20am)
Instituto para el Desarrollo Socioeconómico y de Vivienda de Puerto Rico (INDESOVI) (10:35am)
One Stop Career Center of Puerto Rico (10:50am)
Ponce Neighborhood Housing Services (11:05am)
Programa de Educación Comunal de Entrega y Servicio (11:20am)
11:35am Break
11:50am Capacity Building Proposal Pitches
Asesores Financieros Comunitarios (11:55am)
Puerto Rico Community Foundation (12:10pm)
12:30pm Lunch Keynote
Anna Alvarez Boyd, Senior Associate Director, Division of Consumer & Community Affairs, Federal Reserve Board of Governors
1:30pm Health Proposal Pitches
Nuestra Escuela (1:35pm)
Fundación Santa María de Los Angeles (1:50pm)
2:05pm Renewable Energy Proposal Pitches
Cooperativa de Ahorro y Crédito Barranquitas (2:10pm)
Cooperativa de Ahorro y Crédito Jesús Obrero (2:25pm)
Rocky Mountain Institute (2:40pm)
2:55pm Break
3:10pm Recovery and Resiliency Proposal Pitches
Cooperativa La Sagrada Familia (3:15pm)
Inclusiv (3:30pm)
Sabana Grande Community Economic Development Corporation (3:45pm)
4:00pm Closing Remarks
Chelsea Amelia Cruz, Associate Director, CoDeFi, Federal Reserve Bank of New York
4:15pm Networking & Refreshments
January 28
9:00am Registration & Networking
9:30am Brief Welcome Remarks (via pre-recorded video)
John C. Williams, President & CEO, Federal Reserve Bank of New York
9:40am Opening Remarks
Nancy Santiago Negrón, Vice President, Hispanics in Philanthropy
Chelsea Amelia Cruz, Associate Director, CoDeFi, Federal Reserve Bank of New York
10:00am Small Business-Part 1 Proposal Pitches
Centro de Microempresas y Tecnologías Agrícolas Sustentables Yauco (10:05am)
Cooperativism Institute of the University of Puerto Rico (10:20am)
Fideicomiso de la Tierra Del Caño Martín Peña (10:35am)
10:50am Break
11:05am Small Business-Part 2 Proposal Pitches
Foundation for Puerto Rico-Small Business Support Program (11:10am)
Grupo Guayacán (11:25am)
Local Initiatives Support Corporation (LISC) (11:40am)
12:00pm Lunch Keynote
Malú Blázquez, Executive Director, ReImagina Puerto Rico
1:00pm Small Business-Part 3 Proposal Pitches
Parallel 18 Ventures (1:05pm)
PathStone Enterprise Center (1:20pm)
Vitrina Solidaria (1:35pm)
1:50pm Special Remarks
Frankie Miranda, President, Hispanic Federation
2:05pm Education/Workforce Development-Part 1 Proposal Pitches
ASPIRA de Puerto Rico (2:10pm)
Boys & Girls Clubs of Puerto Rico (2:25pm)
Cooperativa de Ahorro y Crédito Dr. Manuel Zeno Gandia (2:40pm)
2:55pm Break
3:10pm Education/Workforce Development-Part 2 Proposal Pitches
Junior Achievement of Puerto Rico (3:15pm)
Trust for the Development of Río Piedras (3:30pm)
3:45pm Closing Remarks
David Erickson, Senior Vice President and Head of Outreach & Education, Federal Reserve Bank of New York
4:00pm Final Reception

All times are Atlantic Standard Time (AST).

Investor Resources

The proposal submission period for Investment Connection in Puerto Rico is closed. If you have any questions regarding your proposal or the program, please email

Recovery and Resilience in Puerto Rico
Listen to the Podcast

About Investment Connection

The Federal Reserve Bank of Kansas City created Investment Connection in 2011 to help match funders with organizations that had community development proposals. To date, the program has helped facilitate approximately $30 million from funders to community organizations.

The New York Fed is launching Investment Connection to support recovery and resiliency in Puerto Rico. After Hurricane Maria, three federal agencies issued a statement that said financial institutions outside of Puerto Rico could receive CRA credit for supporting eligible activities on the Island. Read the statement in English or Spanish.

Coming in 2020: Additional program locations and dates will be announced.

Important Dates
Building Public-Private
Partnerships Workshop
September 12, 2019
Drop-In Call for Investment
Connection Applicants
September 23, 2019
Investment Connection
Proposal Submissions
October 1-15, 2019
Investment Connection
Proposal Review
October 15 -
November 30, 2019
Organizations informed of
proposal status
December 1, 2019
Informational Session for
Banks, Foundations, and Investors
December 5, 2019
Investment Connection Pitch Program
in San Juan, Puerto Rico
January 27-28, 2020


The content on this page is provided for informational purposes only. It does not represent the regulatory standards of the New York Fed or any other part of the Federal Reserve System for assessing compliance with CRA regulations, nor advice on how to fulfill the requirements of the CRA.

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