The Secretary of the Department of Housing (DV), Luis Fernández Trinchet, urged citizens to continue requesting the Direct Buyer Assistance Program (HBA, for its acronym in English), which provides assistance to people who buy their first home to cover the difference between the closing costs and the prompt of a first mortgage obtained from a participating financial institution.
The program announced by Governor Wanda Vázquez Garced, can provide up to $ 25,000 for low or moderate income families —or up to $ 35,000 for low or moderate income families containing an essential recovery staff member— in the acquisition of their main home that does not exceed the limits current FHA mortgages, or the value indicated in the appraisal. In addition, there is an additional incentive of $ 5,000 if the home is located in an urban center.
“With this program, we want to recognize and help people who have suffered situations during the different emergencies that we have faced, as well as those who they have been part of the front row of battle. These federal funds are available so that they can have the opportunity to fulfill their dream of having a home of their own ", said the first executive.
" The HBA Program is a great financial support tool for many families who are considering the purchase of a first home. This federal aid seeks to promote the expansion of our communities and allows Puerto Ricans to have economic incentives that allow them to settle on the Island in a safe home of their own, "said the official.
Fernández Trinchet also noted that" until 31 August 2020, we will continue to prioritize this very important sector of Puerto Rico, to help them meet their goal of a home of their own.
Essential recovery personnel include law enforcement officials, teachers, firefighters, custody, emergency medical technicians, emergency management personnel, and public or private health professionals.
HBA is subsidized by the Community Development Block Grant Program for Disaster Recovery (CDBG-DR, for its acronym in English) with an allocation of $ 350 million. The Housing Financing Authority (AFV) will administer program funds to support eligible participants.
At the moment, there are 33 participating financial institutions, which are detailed on the program's website, in which the Interested persons may request and submit all required documentation.
For additional program information and details on income limits, individuals may access https://cdbg-dr.pr.gov/programa- direct-assistance-to-buyer / or write to email [email protected]