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Gov’t creates single regulation to dispose of abandoned properties

The government’s Real Estate Evaluation and Disposal Committee (CEDBI for its initials in Spanish) has published the single regulation for the evaluation and Disposal of Real property, Omar Marrero, who chairs the committee, announced.

Marrero, who is also executive director of the Fiscal Agency and Financial Advisory Authority (AAFAF, for its initials in Spanish), said the purpose of the single regulation is to streamline several existing government processes to dispose and transfer real estate, including unused schools.

The regulation also standardizes the requirements for sales and transfers, including the channeling of the proposals.

“This single regulation will strengthen and establish procedures to dispose of government properties to shore up more resources to the Treasury Department and provide flexibility for applicants,” Marrero said.

“It’s our responsibility to define and promote efficient procedures in which the principles of competition, transparency, job creation, economic development and revival of our real estate market prevail,” Marrero said.

With the publication of the regulation, a 30-day period starts to allow interested parties to submit their comments and suggestions on the proposal. This document is available for review by the general public on AAFAF’s website.

On the other hand, Marrero said, to date, the CEDBI has evaluated more than 255 applications for lease, sale or assignment and transfer of real estate property, which have been submitted by for- and nonprofit organizations, municipalities, government agencies and/or individuals. Of these, 180 are for shuttered public schools.

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This story was written by our staff based on a press release.

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