Federal Reserve Bank of NY launches Investment Connection program in Puerto Rico
In partnership with Puerto Rico Community Foundation and Inclusiv
SAN JUAN – Nonprofit organizations and cooperatives attended Thursday the launch of the Investment Connection Program in Puerto Rico, an initiative that seeks to connect stateside and island banks with community development projects on the island.
The initiative of the Federal Reserve Bank of New York, entails an alliance with the Puerto Rico Community Foundation (PRCF) and Inclusiv, a nonprofit that assists credit unions serving low-income communities,
The program provides community organizations with a model that “boosts an investment, donation or loan opportunity to promote and strengthen their community development proposals that are eligible under the Community Reinvestment Act (CRA),” the PRCF, which is the only local partner of the New York Fed in Puerto Rico, explained in its announcing release.
The launch event was aimed at educating organizations about the reinvestment law and its potential impact, including those related to a disaster recovery process. In addition, examples of collaborations between banks and nonprofits were shared.
The program is part of the Community Development Finance Model (CoDeFi) launched this year by the New York Fed to “support the transformation of communities, after the passage of hurricanes Irma and María, while increasing the impact of investments from local banks and the United States,” the release reads.
To request participation in the Investment Connection program, visit nyfed.org/codefi.