The U.S. Department of Agriculture’s Rural Development office in Puerto Rico has partnered with the Puerto Rico Housing Finance Authority to help low-or moderate-income families become homeowners.
In a news release, Josué E. Rivera, USDA Rural Development Director for Puerto Rico and José J. Hernández Caraballo, deputy director of the Puerto Rico Housing Financing Authority, announced the signing of a collaborative agreement to award grants up to $25,000 to each eligible low- and moderate-income family.
The agencies will also make available up to $35,000 for eligible families where there are members of the Essential Recovery Staff.
The program will offer an additional incentive of up to $5,000 to eligible families that decide to purchase a property in an urban center designated and certified by the Puerto Rico Housing Department. In the case of Rural Development, the property must be in an eligible rural area.
“Through this agreement we will facilitate that eligible individuals and families have the opportunity buy their first house and achieve the goal of having a safe and clean house of their own. This program will be a great boost to the economy and real estate market during this difficult time we’re experiencing,” said Rivera.
The partnership between local and federal government agencies seeks to boost the number of homeowners in Puerto Rico, which should generate positive multiplier effects in the communities, officials said.
“And it does justice to the Essential Recovery Personnel as they will be able to purchase their home at an affordable price,” the officials added in a press release.
Puerto Rico Housing Secretary Luis Fernández-Trinchet said the goals of the program are:
“This collaboration agreement provides a great resource for many low- and moderate-income families who want to remain in Puerto Rico and establish themselves here through first-time homeownership,” he said.
“Our communities will benefit from economic and social development, while all its members help create a sense of belonging that will benefit both the communities and the island’s overall development,” Fernandez said.
For more information on the Single Family direct home loans program, click HERE.
For more information on the Single Family home loan guarantees program, click HERE.