The Federal Reserve Bank of New York, in alliance with the Puerto Rico Community Foundation and Inclusiv, have joined to launch Investment Connection program, which seeks to connect local and U.S. mainland banks with community development projects on the island.
The Investment Connection 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.
This first event was educational, so participating organizations were able to understand the details of the Community Reinvestment Law and its potential impact in island communities, including those related to a disaster recovery process, program officials said.
In addition, examples of successful collaborations between banks and nonprofit organizations were presented.
The Investment Connection program is part of the Community Development Finance Model (CoDeFi) initiative of the Federal Reserve Bank of New York, launched in 2019 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 Puerto Rico Community Foundation is the Federal Reserve Bank of New York’s only local partner and joined the initiative due to its long history of collaborating with community-based organizations to achieve community economic development, the nonprofit said.