- L. No. 106-554, 114 Stat. 2763, 26 U.S.C. § 45D (2000).
- Provides financing through the sale of tax credits to United States investors.
- The product of the sale contributes to boost the for-sale housing market in Puerto Rico.
- PRHFA has a $45 million revolving line of credit.
- Program of Community Development Financial Institutions Fund (CDFI Fund-since 1994 – US Treasury Department).
- Foster investments in businesses and real estate projects in low-income communities.
Promotes development of affordable housing
- Funds eligible activities:
- construction or rehabilitation of rental housing
- assistance to buyers (down payment and closing costs to purchase housing with a $1,000 minimum and an average maximum of $45,000)
- assistance to homeowners for rehabilitation or construction
- assistance to CHDOs with operating expenses
Real Estate Development – For Sale Projects
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.