Puerto Rico Housing Dept. to phase out buyer assistance program
Funding remains available and agencies are preparing a successor program.
The Puerto Rico Housing Department and Housing Finance Authority announced this week that the Homebuyer Assistance Program, or HBA, will stop accepting new applications in the second half of 2025.
Housing Secretary Ciary Pérez-Peña and HFA Executive Director Ricardo Álvarez-Barreto said families classified as having urgent needs may apply until around July. Low- to moderate-income families will be able to apply until approximately September.
The HBA program was launched to help residents access safe and affordable housing following hurricanes Irma and María in 2017.
“The main goal of the HBA Program has been to increase the number of families and individuals who acquire safe and affordable housing, thereby promoting long-term economic viability in communities affected by hurricanes Irma and María throughout Puerto Rico,” said Álvarez-Barreto.
“As a secondary goal, the program seeks to encourage the retention of essential recovery personnel in local communities to reduce emigration and support job retention and productivity,” he added.
Pérez-Peña clarified that the approaching deadline does not indicate a lack of resources.
“It’s important to emphasize that the end of the application period does not mean the program’s allocated funds have been exhausted,” she said. “All applications received by the deadline will be processed. Applicants with submissions in progress should not worry, as there are sufficient funds to serve them. We will also continue to receive applications in preparation for the launch of a new program.”
Both agencies confirmed they are identifying new sources of funding to develop a successor program aimed at addressing the ongoing shortage of affordable housing.
Since its launch, the HBA program has assisted 13,713 families in purchasing a safe and decent home. Of those, 4,153 were members of the essential recovery workforce, 7,353 were low- or moderate-income families, and 6,360 were identified as having urgent needs.
The HFA administers the program as a subrecipient.
