P.R. Laws tit. 17, § 1065
The Cooperative Development Commission shall develop the part of the strategic plan corresponding to its duty to promote, develop, educate, organize, and qualify co-op housing members.
The Commission shall create the Operating and Economic Plan that shall serve as reference for the development of new housing cooperatives created under this chapter. This plan shall establish a process to carry out the Commission’s duties to promote, develop, educate, organize, and qualify members. It shall define the operations and services to be provided by cooperatives to its members concerning all administrative, economic, community, social, educational, and recreational aspects.
The financial operating plan shall contain a projected budget to be computed as of the inauguration of each project until its conversion to a member-owner regime. Said budget shall include the items and financial reserves that are typical in housing cooperatives, including sources of income, operating expenses payment, service expenses, reserve funds, and the mortgage expenses of the project.
The budget shall provide a gradual adjustment increase for cost of living and inflation, and be divided into two different periods:
(1) From the inauguration of the cooperative until the mortgage payoff.
(2) From its conversion to a member-owner regime on. During this second period, a considerable reduction in the monthly contribution of members shall take effect as a result of the mortgage payoff, and the reserves required in the conversion plan to a member-owner regime shall be created in order to defray new improvements, facilities, or services.
Projects that enjoy federal subsidies shall comply with the applicable regulatory requirements.
The Commission may consult with or delegate on entities or persons with the necessary expertise and knowledge in order to achieve this new cooperative housing model.
History —July 27, 2011, No. 147, § 7.