Application period from February 9 to May 10, 2023.
Historically, Puerto Rico has suffered and recovered from numerous hurricanes, floods, earthquakes, landslides, among other emergencies and natural disasters. These risks will continue to increase and worsen due to climate change. By taking this into consideration, we have realized that we are in an extraordinary position to develop and implement an integrated multisectoral strategy focused on risk mitigation and the strengthening of identified lifelines to guarantee that Puerto Ricans respond and recover quickly from any emergency.
The Puerto Rico Department of Housing (PRDOH) will be launching the Economic Development Investment Portfolio for Growth – Lifeline Mitigation Program (IPG-MIT), with the objective to target economic development funding for privately owned lifeline infrastructure to support Risk-Based Mitigation Needs. The IPG-MIT program, with an allocation of $628,816,696 in mitigation funds from CDBG-MIT, is intended towards projects focused on private investment in lifeline infrastructure to increase stability and/or expansion of lifeline services. The program objectives, among others, is to secure projects that are expected to result in improved outcomes for lifeline infrastructure on these industries: (i) Transportation, (ii) Waste Management, and (iii) Communications.
As an extension of the IPG financed with CDBG-MIT funds, this mitigation-focused program is intended to fund large-scale reconstruction projects that are transformative in nature, substantially impacting the economic sector and workforce.
The Program will allocate 50% of the required project cost needs at a maximum amount of $100,000,000. The remaining 50% is to be posted by the private company, including a minimum of 10% equity investment of project cost from the project owners. The loan award meeting specific criteria will be eligible to 100% of loan forgiveness.
To request funds under this Program, the applicants must be at least one (1) of the following entities:
- For-profit private entities
- Public entities that are part of a Public Private Partnership (P3)