Puerto Rico Housing Dept. confirms 2K mortgage approvals backed by federal assistance
The Direct Homebuyer Assistance Program, financed with Community Development Block Grant (CDBG-DR) Program recovery funds, exceeded 2,000 mortgage closings in March, Housing Department Secretary William Rodríguez said.
“Having managed to get more than 2,000 families to buy a home, the first in most cases, represents for Puerto Rico a great example of the recovery opportunities that have been made possible through the proper execution and use of CDBG-DR funds,” he said, during a mortgage closing at FEMBI Mortgage Bankers, which has been one of the participating institutions since the program began providing financial aid in July 2020.
Housing has relied on $295 million in federal aid to finance the program that provides eligible participants with a subsidy of up to $60,000 to cover expenses related to the purchase of a property. The maximum aid is $45,000 for eligible households and up to $55,000 for households made up of at least one first responder. In both cases, it is possible to request an additional incentive of $5,000 if the home is in an urban center certified by Housing.
The Direct Homebuyer Assistance Program has disbursed more than $50 million in the local economy and helped some 700 first responders throughout the island to buy a home in Puerto Rico. More than 57 financial institutions, including banks and credit unions islandwide have joined this effort, the government agency said.
“We’re very excited that more Puerto Rican families continue to benefit from this excellent opportunity to buy their home through the Direct Homebuyer Assistance Program. This has been a collaborative effort between financial institutions and Housing Finance Authority employees to ensure that this subsidy continues to reach more families throughout Puerto Rico,” agency HFA Executive Director Blanca P. Fernández said.