DEVELOPERS AND INVESTORS

Proyectistas e Inversionistas

Nueva construcción o rehabilitación para alquiler de unidades de vivienda 

(§ 42- IRC – Low Income Housing tax Credit)  

Versión en Español

Bajo el programa de Créditos Contributivos de Vivienda por Ingresos Bajos (LIHTC, por sus siglas en inglés) la AFV promueve la nueva construcción y/o rehabilitación de proyectos de vivienda de alquiler a través de todo Puerto Rico.  Los LIHTC son una herramienta del gobierno federal que consiste en créditos contributivos que los gobiernos de los estados y territorios le conceden a desarrolladores, los cuales generalmente los venden a inversionistas a cambio de fondos para financiar la construcción.  

Los dueños e inversionistas en proyectos participantes pueden usar el crédito como una reducción dólar por dólar de su responsabilidad contributiva federal.  Este programa se maneja a tenor con la Sección 42 del Código  de Rentas Internas Federal.  Este crédito se puede reclamar durante 10 años siempre que el proyecto cumpla con los requisitos establecidos en la Sección 42 de ocupación y renta durante el periodo de cumplimiento.  El periodo de cumplimiento es de 15 años para los inversionistas y 30 para los dueños (periodo de uso extendido).   La cantidad de créditos contributivos disponibles para adjudicar se calcula a base de la población de Puerto Rico, según actualiza la Oficina del Censo, multiplicada por la tasa que establece el Congreso de Estados Unidos.  Puede referirse a la  Sección 42, otras aplicables de HUD ya los siguientes reglamentos:   Qualified Allocation Plan, Internal Revenue Code, IRS Bulletins, HUD Regulations, etc.

En complemento la AFV, recibe una subvención en bloque para el desarrollo comunitario y recuperación ante desastres (CDBG-DR), bajo el Programa de Brecha de CDBG-DR de los Créditos Contributivos de Vivienda por Ingresos Bajos (LIHTC) el cual busca completar el financiamiento que necesitan proyectos que ya recibieron fondos a través de Créditos Contributivos proporcionando financiamiento para aumentar otros fondos públicos y/o privados sobre las unidades de vivienda de alquiler. Una vez el proyecto es completado, una parte de las unidades de vivienda construidas o rehabilitadas debe hacerse disponible para personas o familias de bajos recursos, mientras que el resto puede hacerse disponible a precios del mercado.

Para obtener información detallada y los requisitos de elegibilidad, acceda a las guías del programa tituladas PROGRAMA DE BRECHA DE CDBG-DR DE LOS CRÉDITOS DE VIVIENDA POR INGRESOS BAJOS (LIHTC) y publicadas en https://www.cdbg-dr.pr.gov/lihtc/.  También encontrará información sobre el Aviso de Vista Pública de AFV sobre el “2020 Qualified Allocation Plan”. 

English Version

New construction and rehabilitation of existing buildings as low-income rental housing for households 

(§ 42- IRC – Low Income Housing tax Credit)  

Under the Low Income Housing Contributory Credits (LIHTC) program, Puerto Rico Housing Finance Authority promotes the new construction and rehabilitation of rental housing projects throughout Puerto Rico.  LIHTC is a federal government tool consisting of tax credits that state and territory governments grant to developers, who generally sell them to investors in exchange for funds to finance construction.  

Owners and investors in participating projects can use credit as a dollar-per-dollar reduction in their federal contributory responsibility.  This program is handled in accordance with Section 42 of the Federal Internal Revenue Code.  This credit can be claimed for 10 years as long as the project meets the requirements set out in Section 42 of occupancy and income during the compliance period. The compliance period is 15 years for investors and 30 years for owners (extended use period). The amount of contributory credits available to award is calculated based on the population of Puerto Rico, as updated by the Census Bureau, multiplied by the rate set by the United States Congress. Please refer to Section 42 and the following regulations:   Qualified Allocation Plan, Internal Revenue Code, IRS Bulletins, HUD Regulations, etc.

PRHFA also receives a block grant for community development and disaster recovery (CDBG-DR), under the CDBG-DR Gap Program for Low Income Housing Contributory Credits (LIHTC) which seeks to complete the financing needed by projects that have already received funds through Contributory Credits by providing funding to increase other public and/or private funds on rental housing units.  Once the project is completed, a portion of the built or rehabilitated housing units must be made available to low-income individuals or families, while the rest can be made available at market prices. 

For detailed information and eligibility requirements, access the program guides titled CDBG-DR GAP PROGRAM FOR LOW INCOME HOUSING CREDITS (LIHTC) and published in https://www.cdbg-dr.pr.gov/lihtc/.  You will also find information about the AFV Public View Notice on the «2020 Qualified Allocation Plan».   

Tabla – Aportación de los fondos CDBG para el desarrollo de vivienda en Puerto Rico con los fondos de crédito contributivo que administra la AFV

RondasCantidad de proyectos financiadosFondos CDBG-DR
2016-201712$113 millones
202033$850 millones

Fondos disponibles para nueva construcción o rehabilitación de unidades de vivienda para la venta

Versión en Español

La AFV ofrece financiamiento de hasta el 80% del costo total de la construcción de proyectos de vivienda para la venta.  El precio por unidad no puede exceder los parámetros bajo la Ley Núm. 47 del 26 de junio de 1987, según enmendada (vivienda de bajo costo), ni $200,000.00 (vivienda de precio moderado).

Incluimos la solicitud de financiamiento aquí.

English Version

Funds available for new construction or rehabilitation of housing units for sale

Puerto Rico Housing Finance Authority (PRHFA) provides financing of up to 80% of the total cost of building housing projects for sale. The price per unit may not exceed $200,000.00 (moderately priced housing) or parameters under Law 47 of June 26, 1987, as amended (low-cost housing).  In relation to the PRHFA’s fee, this varies depending on the type of project (new construction or rehabilitation), the sale price per unit, the percentage of profit for the developer, whether the project is insured by the FHA and whether PRHFA will provide subsidy to buying families.  

We include the funding request here.

Real Estate Development  – For Sale Projects

Ocean Blue

Ocean Blue en Luquillo

Hacienda-Isabel-2

Hacienda Isabel en Santa Isabel

riveroak

RIVER OAK en Loíza

  • PRHFA OUR CORPORATION

 

The Puerto Rico Housing Finance Authority, was created pursuant to Act No. 103, approved on August 11, 2001.  The Authority has the power to issue bonds and notes for any of its corporate purposes and to grant direct loans, insure loans and purchase loans, including mortgage-backed securities, from private lenders for the construction, improvement, reconstruction, rehabilitation, enlargement or repair of housing for persons and families of low or moderate income.   The Authority is exempt from the payment of any taxes on its revenues and properties.

PRHFA logo
  • Administrator of the HOME Investment Partnerships Program since 2010.
  • Puerto Rico’s State Credit Agency for the Low-Income Housing Tax Credit program under Section 42 of the U.S. Internal Revenue Code, as amended.
  • Responsible for the Puerto Rico Community Development Fund, a Community Development Entity participating in the New Markets Tax Credits Program of the U.S. Treasury Department. This tax credit program helps to provide funds for for-sale housing projects in Puerto Rico (Section 45D of the Internal Revenue Code).
  • Administers the Mortgage Loan Insurance Program (Act No. 87).

Our Mission

To promote the development of low-income housing and provide financing, subsidies and incentives for people to acquire or lease a dignified home.

Our Vision

Contribute with the housing, financial, and programs structures to transform housing development at all levels. Play the role of facilitator to further program efficiency and improve the economy.

Our Programs:

Mortgage loans to developers for the construction, improvement, operation and maintenance of rental and for-sale housing for low- to moderate-income families.

Mortgage loans to citizens of low- and moderate-income.

Mortgage Loan Insurance Program (Act No. 87).

Disposition of repossessed properties.

Housing subsidy programs aimed at boosting home purchases.

Section 8 program of the U.S. Housing Act (PHA).

In addition, the PRHFA is a:

Performance Based Contract Administrator (PBCA) for HUD’s

Section 8 projects in Puerto Rico.

PRHFA, at a glance

LOGO_Dev RH

131

TOTAL NUMBER OF SALARIED OFFICERS,

EMPLOYEES AND PERSONS PROVIDED BY EMPLOYMENT CONTRACTS

Gross Receipts for the past 3 years:

2017- $19,000,000

2016- $50,465,256

2015- $47,787,146

Five (5) largest loans originated past 12 months:

Los Claveles II- $10,274,859

Aires del Manantial- $1,942,752

Beatriz Village- $1,050,000

Galería Urbana- $950,000

Gurabo Elderly- $800,000

Servicing

Loan Portfolio:

1-4 Family- $55,202,166.63

Second Mortages- $53,081,089.98

Multifamily- $31,779,854.00

Five Larges Loans:

Los Claveles II- $10,090,095

Los Claveles I- $8,237,481

Jardín del Atlántico- $2,832,871

Lomas de Santa Marta- $2,493,592

Aires de Manantial- $1,938,399

LOGO_Dev PRHFA

Who we are?

Senior Management

Luis C. Fernández Trinchet

Executive Director

Pablo Muñiz Reyes

Sub Director

José L. De Jesus Jiménez

Assistant Executive Director for Fiscal

Carmen Arroyo Casiano

Assistant Executive Director for Operations

José J. Hernández Caraballo

Assistant Executive Director for Unifamily

Board of Directors

Fernando Gil Enseñat, Esq. President

Christian Sobrino Vega, Esq. Member

 Gerardo Portela Franco, Member

Lcdo. Gabriel Olivera Magraner, Esq. Member

Lcda. Margarita Cintrón Sola, Esq. Secretary

Lcda. Zulema Martínez, Esq. Secretary

Contact Information

Physical address:

606 Barbosa Ave.
Juan C. Cordero Bldg.
Río Piedras PR 00919-0345

Postal address:

PO Box 71361
San Juan PR 00936-8461

Tel (787) 765-7577
Fax (787) 620-3521

Our Values

Our purpose and values form the foundation of our culture — a culture that is rooted in reliability, disciplined risk management, and delivering together as a team to better serve our citizens, strengthen their communities, and deliver value to our Government.

Our businesses

The Authority provides to the Puerto Rico’s professional class, specifically to the developers, the investors, the information, financial products and services they need to help achieve their financial goals and the government policy.  Also provides data and information the federal Government and in our intergovernmental relations

Our Culture

Our culture comes from how we run the Authority every day. Our commitment is to “act responsibly,” which includes our commitments to ethical behavior, acting with integrity and complying with laws, rules, regulations and policies that reinforce such behavior

Public Records, Policies & Transparency

Public documents maintained by the Puerto Rico Housing Finance Authority are available for inspection by members of the public pursuant to the Puerto Rico Public Documents Act.

Information and procedures to obtain these documents or records can be found in the “Reglamento número 8577 sobre el cobro por servicios de reproducción y digitalización de documentos”.

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