Guidelines to use $750M revolving reconstruction fund approved
Government officials announced the approval of the guidelines required to use $750 million in revolving funds, to move forward on permanent work projects under the Public Assistance Program of the Federal Emergency Management Agency (FEMA).
AAFAF Executive Director Omar J. Marrero, and the Central Office of Recovery, Reconstruction and Resiliency (COR3, in Spanish) Executive Director Manuel A. Laboy said the guidelines got the go-ahead from the Financial Oversight and Management Board for Puerto Rico .
“These guidelines…will help provide financial assistance to municipalities, central government agencies, public corporations and instrumentalities of the Government of Puerto Rico. Funding may be used specifically for reconstruction projects needed as a result of recent disasters, such as, the passage of hurricanes Irma and María, and the earthquakes,” Marrero said.
AAFAF and COR3 developed the guidelines that establish the eligibility criteria for permanent work projects under FEMA’s Public Assistance Program and Hazard Mitigation Grant Program.
“The approval and upcoming implementation of these guidelines will allow municipalities and other state dependencies to access much needed funding to develop permanent reconstruction works. We continue teaming up with municipal governments to enable Puerto Rico’s recovery process in compliance with Gov. Pedro Pierluisi’s policy of making this term one of execution and work,” Laboy said, adding the eligibility criteria and the effective date of the guidelines will be published in the coming weeks so that interested parties can apply for advances from the revolving fund.