The first Promise Zone designation for Puerto Rico was designated in June of 2016 with the lead agency as the Local Redevelopment Authority of Roosevelt Roads. Implementation partners include the municipalities of Ceiba, Fajardo and Naguabo, and CBO Financial.

The Eastern Puerto Rico Promise Zone is comprised of the three communities of Ceiba, Fajarado, and Naguado in the Northeast corner of Puerto Rico. The area suffered a big financial loss when the Roosevelt Roads Naval Station closed in 2004. The three communities affected by this closure have joined forces to form the Local Redevelopment Authority of Roosevelt (LRA). The LRA plans to not only improve community infrastructure but also to rejuvenate economic activity in the region, increase access to health care, improve educational opportunity, reduce violent crime, and jumpstart job creation. In 2013, the Navy completed the transfer of 3,409 acres and 1,600 facilities to LRA.

The Local Redevelopment Authority (LRA) for Roosevelt Roads in partnership with more than 10 organizations will lead the Promise Zone initiative in Eastern Puerto Rico. With an unemployment rate of 17.34%, job creation is a key priority for the region. The LRA plan to spearhead job growth by partnering with MidAtlantic Shipyards to construct the Roosevelt Roads Marina, attracting film and TV projects, and building an advance ship recycling facility.

For additional information regarding various financing programs, please view the presentation made in May of 2019 at a “Invest in Puerto Rico” conference for which CBO Financial’s CEO, Craig Stanley, sat on a panel entitled “Opportunities for Mainland Investors”:  Investing in Puerto Rico. Also please view the Promise Zone Fact Sheet for additional details.