P.R. Laws tit. 17, § 896
The housing units of multifamily projects rented to low or moderate income families shall be exempt from the payment of property taxes, subject to:
(a) Compliance with the requirements established by subsections (b), (d) and (e) of § 895 of this title.
(b) The rental fee of each housing unit to reflect a reduction equal to the total sum of the property tax that the owner would be bound to pay if the tax exemption provided herein should not apply.
The tax exemption granted by this section shall be in effect as long as the housing units on which it is claimed are occupied by low or moderate income families and for a term not greater than fifteen (15) years, starting as of January 1 of the year following the date of occupancy of the housing unit by a low or moderate income family.
The Secretary of Housing shall certify annually to the Secretary of the Treasury whether the families that occupy the housing units on which the tax exemption established by this section is claimed are eligible as low or moderate income families.
History —June 26, 1987, No. 47, p. 159, § 6.