Puerto Rico Governor Ricardo Rosselló Nevares announced today that the federal Department of Housing and Urban Development (HUD) approved exemptions for the use of funds from the community development program with subsidy determined for the Disaster recovery (CDBG-DR) in Puerto Rico, which includes $10 million for tourism marketing and business marketing. The other exemptions are addressed to the issues of construction and mortgages. “These exemptions show that creative and flexible approaches are critical to meet the unique challenges our most vulnerable community has and our reconstruction process as a result of the Hurricanes of Irma and Maria,” said Rosselló.
Among the exemptions that HUD approved, we include $10 million additional — for a total of $25 million — for tourism marketing and business marketing to promote Puerto Rico as a destination, as part of HUD’s commitment to recovery and resilience The island’s long-term economic. It was reported that these funds are consistent with the amounts previously allocated to other recipients of CDBG-DR funds for tourism exemptions. The first executive added that “Similarly, it is an opportunity for economic recovery by providing capital to the island to support the use of opportunity zones and federal funds to stimulate economic recovery.”
On the other hand, the federal agency approved assistance for the payment of mortgage arrears under the Home Equity conversion mortgage program.
The assistance is aimed at people who have incurred in arrears after the passage of hurricanes, mainly for retired people, who are the main debtors of this kind of mortgage. This is the first time this type of exemption has been offered.
In addition, as part of the grants, HUD granted the island discretion to identify different green building standards for construction efforts, including Puerto Rico’s own green permit. Prior to this exemption, it was unclear whether Puerto Rico had to apply a green building standard for all construction projects or whether it could use the most appropriate and cost effective, according to the project. With this exemption, it is clear that Puerto Rico can use these construction standards for each project.
For his part, the Secretary of the Housing Department, Fernando Gil teaches, said “We continue our task to work hand in hand with HUD, federal and state entities to close the necessary funds for the recovery of Puerto Rico.”
The secretary added that “This is certainly another step that guarantees the effort and work of all the components in the housing department. We appreciate the efforts of both the executive and the legislature so that the promised and identified assistance arrives to the island as soon as possible.”
Finally, HUD allowed Puerto Rico an exemption to use CDBG-DR funds to provide lease payments for up to 24 months to hundreds of elderly and low-income people who have been at risk of losing their home as a result of the Hurricane passage.
This equals the authorization of $10 million in federal funds to prevent people without a safe roof on the island.
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