The Investment Portfolio for Growth (IPG) Program seeks to alleviate the exacerbated economic effects of the hurricanes through large-scale development projects that are transformative in nature and create/retain Low-to-Moderate Income (LMI) jobs and/or cascading economic impacts.
The IPG Program has been allocated a total of eight hundred million dollars ($800,000,000) in the Puerto Rico CDBG-DR Action Plan, as amended; an amount that is subject to change with subsequent amendments.
The IPG Program intends to award gap funding for large-scale commercial and industrial development in a broad-ranging category of activities that cover a wide variety of economic revitalization initiatives. This may include but is not limited to the development/redevelopment of Commercial Developments, Mixed-use Developments and Infrastructure Development in support of an economic development investment.
Eligible entities for IPG include: For-profit Businesses, Not-for-profit Organizations, Community-based Economic Development Organizations, Community Development Financial Institutions, Units of General Local Government/Government of Puerto Rico Agencies, Authorities, Trusts, and Boards and Public-Private Partnerships.
IPG projects must meet CDBG-DR underwriting criteria, include other committed sources of financing, meet cost reasonableness requirements, and meet a National Objective with an emphasis on the creation and/or retention of LMI jobs. Additional requirements will be disclosed in the Program Guidelines.
As a preliminary process for the IPG Program, interested entities are asked to submit an Expression of Interest and provide a high-level description of their economic development project. Designated Department of Housing staff will review completed forms to gauge interest and compile a group of eligible projects to inform Program design, outreach, and implementation efforts.