Puerto Rico’s economic situation has reached rock bottom, but it may as well be standing on quicksand given the instability of the U.S. economy and subsequent federal cutbacks, the volatility in petroleum prices and a potential deterioration of the housing market once local incentives run out.
Housing and banking industry executives who have been working with local and federal government agencies to develop an all-encompassing plan to stimulate activity in a sector that has been battered by the economy will present their proposals and strategies during the 19th Housing Congress taking place Thursday.
Gov. Luis Fortuño will be signing a six-month extension to the 2011 Housing Stimulus law today, giving would-be homebuyers the chance to take advantage of exemptions on closing costs and taxes.
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