PRCDE launches to boost capital access in island’s underserved areas
The group aims to use tax credits to support economic development in Puerto Rico and the U.S. Virgin Islands.
The Puerto Rico Community Development Entity (PRCDE) officially launched this week, with plans to leverage federal New Markets Tax Credit (NMTC) equity to support economic revitalization projects in underserved areas across Puerto Rico and the U.S. Virgin Islands.
“PRCDE is committed to supporting large-scale economic revitalization efforts in both urban and rural low-income communities by connecting catalytic projects to the capital they need to thrive,” the organization said in its launch announcement.
Target sectors include small businesses, nonprofit ventures, community health centers, educational institutions and essential infrastructure.
As an emerging Community Development Entity, or CDE, PRCDE is seeking certification through the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. Its stated mission is to promote inclusive and resilient economic growth by “linking private and public investment to community-rooted initiatives that improve quality of life across the island.”
CDEs serve as intermediaries for deploying NMTC investments in economically distressed communities. The program is designed to attract private capital to projects that generate jobs and services in underserved areas.
“By channeling capital into disinvested areas, PRCDE helps to bridge the gap between economic potential and financial access,” the group said.
The organization is also creating a voluntary Community Board made up of grassroots leaders from across Puerto Rico to guide project selection and ensure transparency and local accountability.
“We’re honored to extend an invitation to join the PRCDE Community Board and shape the future of economic development across Puerto Rico through community-centered engagement,” the release stated.
PRCDE was founded by John Shaw-Woo, who also leads Noir Lending CDFI, Noir Realty and other ventures focused on reducing systemic barriers to wealth creation. Shaw-Woo is using tools like the NMTC Program to attract investment into job-creating, community-focused projects in both Puerto Rico and Kentucky.
