P.R. Laws tit. 17, § 89
In addition to the powers granted by other laws, and subject to the provisions of §§ 86—94 of this title and to such regulations as may be promulgated, the Urban Renewal and Housing Corporation of Puerto Rico is hereby authorized:
(a) To acquire by purchase, condemnation or otherwise, those lands to be used for the development of dwellings for families of moderate income.
(b) To sell or lease lands, with or without improvements, to families of moderate income, to any agency, board, commission, authority or instrumentality of the Commonwealth of Puerto Rico; to housing cooperatives organized in accordance with the Cooperatives Act of Puerto Rico, or to nonprofit associations organized for the benefit of its members and limited-dividend associations, engaged in the construction of dwellings to be sold or leased to families of moderate income.
(c) To sell said lands, with or without improvements, to any person, firm or corporation engaged in the construction of dwellings for families of moderate income, with the purpose of constructing thereon dwellings for families of moderate income.
(d) To construct or reconstruct on said lands dwellings for families of moderate income and to sell or rent said dwellings, including the lands, to families of moderate income.
(e) To accept mortgages as security for the payment of the sale price of the lands and dwellings sold by the Corporation under §§ 86—94 of this title.
(f) To borrow money and issue bonds as defined in §§ 31—38, 39—45, 46—55 of this title, within the powers conferred and with the limitations imposed on the Corporation by said sections, with the purpose of financing the costs of providing dwellings for families of moderate income. The amount of the interest paid by the Corporation for temporary financing, for the time the construction of the dwellings may last and during a year thereafter, may be included in the bond issue. Said bonds may be secured by pledging the proceeds from the sale of the dwellings, which shall include the corresponding amortizations of the mortgages constituted on the dwellings sold by the Corporation in accordance with the provisions of §§ 86—94 of this title. In any suit, action, judicial or administrative proceedings involving the validity or effectiveness of any bonds issued by the Corporation or the security therefor, said bonds shall be considered, without proof to the contrary being admitted, issued for the purposes stated in §§ 86—94 of this title, if on the face of the bonds it is expressed that they have been issued by the Corporation to finance the construction of dwellings for families of moderate income.
(g) To exercise any other necessary or desirable powers in connection with the planning, financing, acquisition, construction, reconstruction, repair, maintenance and operation, lease and sale of dwellings for families of moderate income.
History —June 26, 1964, No. 82, p. 260, § 4.