Economic Development Investment Portfolio for Growth – Lifeline Mitigation Program

Allocation: $628M

The IPG-MIT Program is a CDBG-DR Program extension focused on mitigation, that will identify funding for lifeline private infrastructure to support risk-based Mitigation Needs.

Application period was available from February 9, 2023 through June 30, 2023.

ECONOMIC DEVELOPMENT INVESTMENT PORTFOLIO FOR GROWTH – LIFELINE MITIGATION PROGRAM

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.

GUIDELINES

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Program Guidelines (V2.0) -- Posted 08/14/2023Download
    To view previous guides, click here.

    The Puerto Rico Department of Housing (PRDOH) launched 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.

    As an extension of the IPG financed with CDBG-DR 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.

    INFORMATIVE MATERIAL

    VIDEOS

    GAP Registration Process

    GAP Complete de Application

    Complete Application Form

    ELIGIBILITY

    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)

    MITIGATION OBJECTIVES

    Applicants must demonstrate that CDBG–MIT activities:

    1

    Meet the definition of mitigation activities.

    2

    Address the current and future risks as identified in the grantee’s Mitigation Needs Assessment in the most impacted and distressed areas.

    3

    Are CDBG-eligible activities under title I of the HCDA or otherwise eligible pursuant to a waiver or alternative requirement.

    4

    Meet a national objective, including additional criteria for mitigation activities and Covered Projects.

    PROGRAM BUDGET: $628,816,696

    MAXIMUM AWARD: $100,000,000

    LOAN STRUCTURE:

    • 2% interest rate
    • Maximum 50% of the cost of the project
    • Loan forgiveness criteria

    LOAN FORGIVENESS CRITERIA

    1. Benefits low-to-moderate income populations
    2. Above 10% of owner equity invested in the project
    3. Job creation benefit
    4. Project delivery timeline
    5. Project cost management
    6. Gap funding with other CDBG programs
    7. Strengthening of community lifelines

    ALL PROJECTS FUNDED BY IPG-MIT SHOULD ENSURE ONE OF THE FOLLOWING NATIONAL OBJECTIVES IS MET:

    • Meet an Urgent Need Mitigation (UNM)
    • Benefit to Low-and Moderate-Income persons (LMI)
    • Benefit to Low-and Moderate-Income persons within an LMI Area of Benefit (LMA)