Investment Portfolio for Growth (IPG) Program

Description:
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.

Thank you for your interest in the Program. The Expression of Interest phase for the Investment Portfolio for Growth (IPG) is now closed.

Please note the Expression of Interest is not an application to the IPG Program. As a preliminary process for IPG Program, interested entities were asked to submit an Expression of Interest and provide a high-level description of their proposed economic development project. PRDOH’s program management staff will review these submittals to estimate and determine program interest and to compile a population pool of potential projects and inform program design, outreach, and implementation efforts.

The application process and period are expected to commence by Summer 2021 and will be announced on our website. Any interested entity that was not able to participate in the Expression of Interest phase may still submit an application to the IPG Program once the application period is commenced.

Please continue visiting our website for more information and updates.