P.R. Laws tit. 17, § 851
The Department of Housing is hereby authorized to grant subsidies on interest and guarantee thirty- (30) year mortgages on those dwellings in projects which on the effective date of this act have been approved by the United States Farmers Home Administration (FmHA), and by the Department of Housing, up to a maximum of 3,000 units, when said Federal Agency cannot finance the mortgages and partially subsidize the interest on the mortgage loans under the provisions of § 502 of the Federal Housing Act.
The Secretary of Housing shall adopt the corresponding guidelines to give his approval to the housing units or projects to which conditional commitments shall be granted, so that the promoters and builders using the state subsidy authorized by §§ 851—856 of this title, and the mortgage guarantee authorized by §§ 261—271a of Title 7, as backing, may negotiate permanent financing in the banking or financial institutions.
History —June 1, 1979, No. 58, p. 119, § 1; June 3, 1982, No. 33, p. 72, § 2.