Housing Dept. loaning up to $100M for infrastructure risk management projects
The Puerto Rico Housing Department has opened the application period for loans of up to a maximum of $100 million to private and public entities to develop vital infrastructure that mitigates risks associated with disasters.
Agency Secretary William Rodríguez said the loans, which are partially or fully forgivable, will be awarded under the Investment Portfolio for Growth (IPG-MIT), an initiative under the Community Development Block Grant (CDBG-MIT) program.
“This program is a key piece to develop the Puerto Rico that we want for this and future generations. With that in mind, we’re looking forward to receiving all the proposals that meet this purpose,” he said.
IPG MIT will fund large-scale projects that promote infrastructure improvements related to transportation, communications, solid waste management, and other lifelines identified in the CDBG-MIT funds action plan.
The projects will be evaluated by an interdisciplinary committee composed of experts in economic, fiscal, transactional and infrastructure development of the government of Puerto Rico, he explained.
Maretzie Díaz-Sánchez, deputy secretary for Disaster Recovery, said: “We are presenting a new alternative to develop large-scale projects that strengthen our vital areas and provide Puerto Rico with the ability to quickly recover from the impact of future disasters, while economic development alternatives are created through new jobs.”
The application and program guidelines are available on the agency’s website.
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