February 27, 2021

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Families could receive an incentive of up to $ 35 thousand to purchase their home

Josué E. Rivera, director of USDA Rural Development for Puerto Rico and José J. Hernández Caraballo, Assistant Executive Director of the Housing Finance Authority signed a collaborative agreement to help low and moderate income families obtain their first home. .

Rivera indicated that the collaborative agreement with the Puerto Rico Housing Finance Authority will grant grants up to a maximum of $ 25,000 to each eligible low and moderate income family and a maximum of $ 35,000 to eligible families where there are members of the essential staff of Recovery.

It was reported that the program will also offer an additional incentive of up to $ 5,000 to eligible families who decide to purchase a property in an urban center designated and certified by the State Department of Housing.

In the case of Rural Development, the property must be in an eligible rural area, it was reported.

Luis Fernández Trinchet, Secretary of the Department of Housing, indicated in written statements that the objectives of the program are to increase the rate of homeowners, which will promote the sustainability and long-term economic viability of the communities affected by Hurricanes Irma and María throughout the island.

It also seeks to encourage Essential Recovery Personnel to continue living in the communities, to help reduce emigration and improve job retention and productivity, and improve housing acquisition opportunities for low- and moderate-income families in Puerto Rico.

“Through this agreement we will facilitate that eligible individuals and families can have the opportunity to buy their first home and achieve the goal of having their own, safe and sanitary home. This program will be a great boost to the economy and the real estate market in this difficult time we are living, ”said Rivera.

“This collaboration agreement provides a great resource for many low- and moderate-income families who wish to remain in Puerto Rico and settle here through owning their first home. Our communities will benefit from economic and social development, while all of its members will help create a sense of belonging that will benefit both the communities and the general development of the Island, ”stated Fernández.

This union of the Federal and State government will provide an increase in the number of residents with their own homes that will bring positive multiplier effects in the communities. And it does justice to essential recovery personnel as they will be able to purchase their home at an affordable price.

For more details you can access the following links:

Fact Sheet on Direct Loans for Single Family Homes

Single Family Home Loan Guarantee Fact Sheet

USDA Rural Development offers loans and grants to help expand economic opportunity and create jobs in rural areas. This assistance supports infrastructure improvements; business development; accommodation; community facilities such as schools, public safety, and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.

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