Puerto Rico Awards ICF $22 Million to Support Post-Disaster Revitalization

Rhea-AI Summary

On September 9, 2021, the Puerto Rico Department of Housing awarded ICF a $22 million contract for its City Revitalization Program, aimed at managing nearly $1.3 billion in CDBG-DR funds. This 5-year contract includes a 3-year base term and two 1-year options. ICF will assist in recovering from Hurricanes Irma and María by implementing local recovery projects, including infrastructure improvements and support for community businesses. The company has extensive experience in disaster recovery, having aided over 100 state and local entities in similar efforts.

Positive

• Awarded a $22 million contract by Puerto Rico's Department of Housing.
• Contract involves managing $1.3 billion in disaster recovery funds.
• Experience in aiding over 100 U.S. entities in disaster recovery.

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• None.

FAIRFAX, Va., Sept. 9, 2021 /PRNewswire/ -- The Government of Puerto Rico's Department of Housing (PRDOH) recently awarded global consulting and digital services provider ICF (NASDAQ:ICFI) a new $22 million contract to implement its City Revitalization Program. The contract has a term of five years, including a three-year base and two one-year options.  

The City Revitalization Program will manage the investment of nearly $1.3 billion of Puerto Rico's Community Development Block Grant Disaster Recovery (CDBG-DR) funds for 78 municipalities and eligible organizations "to help shape and implement the future vision of communities that were affected by Hurricanes Irma and María." 

ICF will support the implementation of critical local recovery projects, such as the rehabilitation or construction of buildings and public infrastructure improvements. These projects are intended to revitalize downtown areas and key economic corridors, bring community businesses back and encourage tourism. Work will include supporting PRDOH with subrecipient outreach, training, capacity building and closeout. ICF will also assist PRDOH in the implementation of programmatic requirements related to subrecipients and others.  

"The devastating impact Hurricanes Irma and María had on Puerto Rico's economic infrastructure is one of the largest barriers to the island's recovery," said Andrew H. LaVanway, ICF senior vice president and disaster management lead. "We are fully invested in helping PRDOH revitalize its downtown areas, community corridors and green spaces to promote long-term, sustainable economic development across the island." 

ICF has successfully managed recoveries for the largest and most complex natural disasters in U.S. history. In partnership with local experts and partners, the company has implemented mitigation and recovery efforts for over 100 U.S. state and local entities, following over 50 different disaster declarations funded by multiple federal sources. The company supports communities across the disaster management lifecycle and is an industry leader in end-to-end mitigation services—from assessment to public engagement and planning through implementation.  

Read more about ICF's efforts to help rebuild in Puerto Rico, and its disaster management and climate and resilience services.  

About ICF
ICF is a global consulting services company with approximately 7,500 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What is the value of the contract awarded to ICF by Puerto Rico?

ICF was awarded a contract worth $22 million.

What is the purpose of the City Revitalization Program in Puerto Rico?

The program aims to manage nearly $1.3 billion in disaster recovery funds for revitalizing areas affected by Hurricanes Irma and María.

How long is ICF's contract with Puerto Rico's Department of Housing?

The contract has a term of five years, with a three-year base and two one-year options.

What disaster recovery experience does ICF have?

ICF has managed recovery efforts for over 100 U.S. state and local entities following various disaster declarations.

How will ICF help with the recovery projects in Puerto Rico?

ICF will assist with infrastructure improvements, community business support, and programmatic requirements related to subrecipients.