Community Reinvestment Act and
|Public-Private Resource Panel|
From left to right: Federico del Monte, State HOME Program, Efrain Maldonado, HUD, Eugenio Alonso, PR Bankers Association, and Rolando Ramos, PR CHDO Association
This first time ever effort provided information that opened windows of opportunities, for local CHDO organizations, through the regulatory reinvestment obligations of banks in low-income communities. Performance evaluation criteria were thoroughly discussed in the areas of investment, lending and service, as well as Home Mortgage Disclosure Act reporting requirements.
The all-day event provided an opportunity for audience discussion concerning ideas to support funding and financing proposals submitted by CHDOs to the banking industry. "For the first time we see in Puerto Rico a concerted effort by all banks to work openly and hand in hand with CHDOs to make viable the provision of low income housing in the communities we serve. The Puerto Rico CHDO Association will be pushing and watching for actual results", stated Rolando Ramos, Executive Director of the Association.
A public-private resource panel provided information on available state and federal programs for the development of affordable housing by non-profits organizations that could be utilized in combination with bank financing. HUD provided information on available affordable rental housing, homeownership, and special needs programs.
Follow up events will take place where Organizations will be presenting to the banking industry their community's housing and economic development needs, which will help banks develop a roadmap for community reinvestment strategies and concrete actions.