Affordable Housing Fund for Puerto Rico launches revolving loan fund
The Bridge Financing Loan Fund program supports nonprofit developers.
To address Puerto Rico’s affordable housing deficit and strengthen support networks for vulnerable communities, nonprofit organization Affordable Housing Fund for Puerto Rico Inc. (AHFPR), in partnership with its subsidiary Fideicomiso de Vivienda y Desarrollo Humano (FIDEVI), has launched the Bridge Financing Loan Fund program.
The program aims to provide temporary financing for nonprofit affordable housing developers, bridging gaps while they await reimbursements from state and federal funding for construction and rehabilitation projects. The initiative focuses on housing for the island’s most vulnerable populations.
“We recognize that small developers often serve their communities while building housing that addresses the needs of these sectors,” said Annette Montoto-Terrassa, executive director of AHFPR. “Importantly, those working with the most vulnerable populations often face challenges in financing the start of their projects while waiting for approved grant funds. With this fund, we seek to ensure that these organizations can efficiently and seamlessly fulfill their mission.”
Since its inception in 2019, AHFPR has supported homeless individuals and families, senior citizens, single mothers, and people with physical and mental disabilities.
Through FIDEVI, it has awarded $3.9 million in grants, leveraging housing projects valued at more than $46 million. These efforts have benefited approximately 700 households, directly impacting more than 1,500 people in Puerto Rico.
“For many of these individuals, having access to safe and affordable housing is the first step toward stability,” Montoto-Terrassa said. “We are proud to say that this fund will be a vehicle to improve living conditions and create a foundation for recovery and development.”
AHFPR has formed partnerships with several financial and nonprofit organizations, including Banco Popular de Puerto Rico, Oriental Bank, FirstBank, and Enterprise Community Partners Inc.
Philanthropic entities, such as the Titín Foundation, have also provided resources to support the loan fund’s operations.
Collaboration with federal and local agencies, including the U.S. Department of the Treasury and the Department of Housing, has expanded the program’s reach and ensured its sustainability.
“Offering tools to achieve a more equitable and fairer Puerto Rico is one of the pillars on which our vision is based. Projects such as the Bridge Financing Loan Fund make it easier for more people to have access to affordable and decent housing,” said Sofía Martínez Álvarez-González, executive director of the Titín Foundation.
Beyond financing, the program includes a credit technical assistance component, currently under development. This initiative seeks to strengthen the management capabilities of beneficiary organizations by offering advice on financial statements, business plan projections and other credit requirements.
“We want these organizations to not only receive funding but also acquire skills and training that will allow them to present themselves as viable and fundable entities in the future,” Montoto-Terrassa explained.
Some of the organizations already benefiting from the program include Albergue El Paraíso, which provides permanent housing with support services to homeless men or those at risk of homelessness, and Ponce Neighborhood Housing Services Inc., which develops permanent affordable housing with federal subsidies in Puerto Rico’s southern region.
