P.R. Laws tit. 17, § 1062
The creation of new housing cooperatives is hereby directed under a development model that complies with the following ends and purposes:
(a) Begin construction, conversion, acquisition, and/or rehabilitation for the creation of housing cooperatives within an established (non-equity) timeframe.
(b) Create a development and operational model that addresses the distinctive elements of the cooperative housing model.
(c) Guarantee a housing alternative for families with low or moderate financial resources who do not own a home.
(d) Safeguard self-management, security, and community organization as mechanisms to resolve the existing problems that affect the development of a particular sector of our society.
(e) Guarantee the conversion to a member-owner cooperative regime upon payoff of the original mortgage so that persons may acquire the title deed of their housing unit.
(f) Develop financing and subsidy mechanisms that allow for reducing the cost of these types of projects and satisfy their intended public’s existing demand.
(g) Promote economic development in the construction and real estate industry, as well as the creation of new jobs to manage operations and services within the new coop entities.
Public agencies and instrumentalities are hereby authorized to participate by submitting proposals for the assignment, transfer, nominal sale, or rebate sale of land or real property that can be rehabilitated for the creation of new housing cooperatives.
History —July 27, 2011, No. 147, § 4.