Jack Gutt

Puerto Rico is on the cusp of a once-in-a-generation opportunity to reshape its economy. That was the consensus at the NEXA Jobs Summit in San Juan, Puerto Rico on April 10-11. This gathering, organized by the Platform for Social Impact, brought together leaders from community and economic development, government, academia, and the private sector. Participants explored how Puerto Rico could take advantage of government and private funds, economic momentum following more than a decade of recession, and a young and capable workforce to develop quality jobs on the Island and address long-term poverty and economic insecurity.

Tony Davis and Javier Silva

Puerto Rico’s community development financial institution (CDFI) sector has grown 15-fold over the last decade following a collaboration that brought together leaders from government, community development finance, and Puerto Rico’s credit unions, known as cooperativas.

Jacob Scott, Maria Carmelita Recto, and Jonathan Kivell

A more robust secondary market for loans originated by Community Development Financial Institutions (CDFIs), which specialize in lending to low- and moderate-income communities, would give CDFIs greater access to capital, thus allowing them to make more loans. This is why the Community Development team at the New York Fed is researching the secondary market for loans originated by CDFIs and how that market could be expanded.

Julian Macrone

The New York Fed and Columbia University’s School of International and Public Affairs brought together economists, Ph.D. candidates, and climate experts on October 2 for the second annual Environmental Economics and Policy Conference, “Measuring and Adapting to Climate Risk.” The conference featured a keynote address from Columbia University professor and Nobel Laureate Joseph E. Stiglitz and a conversation between Stiglitz and New York Fed President John C. Williams.

Julian Macrone

The New York Fed and the Center for Impact Finance at University of New Hampshire’s Carsey School of Public Policy brought together leaders from the climate, health, and community development finance sectors for the annual Financial Innovations Roundtable, held in June. The Roundtable was part of an ongoing collaboration between the New York Fed and the Carsey School that aims to identify innovative ways to fund improvements in low- and moderate-income communities.

Ellen Simon

The New York Fed’s Community Development team is researching what private investments in affordable apartments mean for the supply of affordable rentals and the rents tenants pay. As part of that work, the team published a case study in March based on a survey of managers of private investment vehicles, which found that respondents raised a median $300 million in equity for affordable-housing private investment vehicles since 2017. The team also brought together private investors, affordable-housing advocates, and experts in the field for an in-person event on March 27, 2023.

Brian Manning

The New York Fed’s Legal Group launched the Pro Bono Legal Work Program in early 2021 to encourage staff to provide free legal services to those in need.

David Erickson and Emily Garr Pacetti

Low- and moderate-income people face intertwined economic challenges. A family unable to replace drafty windows may pay a higher heating bill each month, making paying other bills more difficult. Small business owners who lack access to loans may be unable to hire new workers, making local jobs harder to find.

Jacob Scott

In 2021, about one of every 10 households was food insecure at some point, worrying that their food would run out before there was money to buy more. The costs of widespread food insecurity are felt everywhere, since hunger reduces productivity and costs the healthcare system billions of dollars each year.