Affordable housing developers are always looking for new opportunities. One place they might not think to look is Puerto Rico. In a statement issued earlier this year, the US Department of Housing and Urban Development (HUD) announced that it has entered into an agreement with the Commonwealth to help improve and implement its housing plan. A signing ceremony was held in San Juan, attended by the Governor of Puerto Rico and various HUD officials.
As part of the agreement, Puerto Rico agreed to create a housing task force that will conduct an assessment of housing needs and develop a plan to meet those needs. A two-year term was set for Puerto Rico to make adjustments to its internal systems in order to manage additional HUD funds effectively and adequately. Puerto Rico has also committed to developing an open and competitive process to select grant recipients.
For its part, HUD has committed to help conduct the needs assessment, help the Commonwealth develop its plan, make improvements to the financial management of its programs, and train relevant individuals and organizations on how to effectively combine HUD funds with money from other sources to meet Commonwealth development goals.
Under the agreement, HUD will use the HOME Investment Partnerships Program and the Community Development Block Grant Program as its primary tools to encourage housing development in the Commonwealth. Both HUD officials and the Governor of Puerto Rico agree that the Commonwealth’s housing plan should focus on people with special needs, the elderly, and people living with HIV/AIDS. This latest partnership with HUD opens the door to new development and investment opportunities, especially as the Commonwealth works to streamline its processes. Details of the agreement can be viewed on HUD’s website.
