Thank you for that introduction. Hello everyone! I’m so pleased to be back in Puerto Rico to join you all to mark this exciting occasion. I’d like to thank the Platform for Social Impact for hosting us today, and for their important work in bringing prosperity back to Puerto Rico.
As many of you know, since the start of the Biden-Harris Administration, the Department of Commerce has spearheaded a historic whole-of-government effort across 17 federal government agencies that have resulted in over $140 billion in federal obligations for Puerto Rico. As President Biden’s Puerto Rico Economic Growth Coordinator, I understand just how fundamental those funding dollars are to the communities that call this place home.
And that funding isn’t limited to recovery and resiliency efforts following disasters like Hurricane Maria. We also carved out funding for the archipelago in landmark legislation signed into law by President Biden. And that’s what brings us here today.
We’re excited to announce that the Oasis Expansion Recompete Plan, led by the Platform for Social Impact, will receive approximately $30 million to invest in comprehensive economic development initiatives in the Villa Prades community here in San Juan, Puerto Rico.
The Oasis Expansion Recompete Plan focuses its impact on the Villa Prades neighborhood, where residents face wage shortages and a lack of opportunity and support that they need to provide for themselves and their loved ones. Today’s announcement of the Recompete project, as well as the groundbreaking of the new Oasis Hub project, aim to directly confront this.
Many residents in this community are seeking to join the workforce or become entrepreneurs, and with this funding, the Platform for Social Impact will enable wraparound services such as workforce training, entrepreneurship programs, child and elder care, housing, healthcare and social safety net initiatives, and other projects that target economic mobility – both for working-age adults and their families. With such a skyrocketing workforce shortage, this investment will also accelerate reconstruction efforts on this Island.
This is what the Recompete Program is all about. Funded through the CHIPS & Science Act, this program centers on the Administration’s core belief that we’re stronger when more places have thriving opportunity-rich economies and that with the right resources and opportunities all communities can achieve this.
This funding was awarded through our Economic Development Administration’s Distressed Areas Recompete Pilot Program, a $200 million competition focused on economic distress across the country.
To put today’s announcement into perspective: The Recompete Program was an incredibly competitive application process nationwide and this award along with five others represents only 1% of applicants being selected. The rigor of our selection process should give confidence to current and future partners about PSI's vision.
And that funding isn’t the only public investment kickstarting transformative change. Today we’re also celebrating co-investment of over $130 million from both Government of Puerto Rico and City of San Juan supporting Recompete initiative. I’d like thank Governor Pierluisi Mayor Romero members Governor Cabinet significant joint commitment.
One thing absolutely clear: This initiative exactly type place-based economic development President Biden Vice President Harris championing – resources concentrated teams allocated community stakeholders included results resounding thousands new jobs unprecedented levels economic growth right here Puerto Rico
Work far from over but if one thing learned during my time supporting Puerto Rico's economic recovery it work more effective robust when do together Department Commerce alongside President Biden Vice President Harris look forward continuing help chart prosperous path forward Platform Social Impact so all Puerto Ricans lead lives dignity
