P.R. Laws tit. 17, § 1494
(1) In cases of loans or improvements, the public document shall consign the following restricting conditions:
(a) The beneficiary shall have the obligation to reimburse to the Secretary of Housing the entirety or part of the subsidy received under this chapter, in case he/she should decide to sell, exchange, give, lease, or otherwise transfer the property within a period of six (6) years, to be counted from the date on which the subsidy is awarded, according to the following table:
IF THE TRANSFER IS THE AMOUNT OF SUBSIDY TO MADE WITHIN THE BE REIMBURSED SHALL BE First or Second Year 100% Third Year 80% Fourth Year 60% Fifth Year 40% Sixth Year 20%
(b) The beneficiary shall not lease the property nor devote it to any use other than that of his/her habitual and permanent residence.
(c) The property shall not be mortgaged without the prior authorization of the Secretary of Housing.
If the beneficiary of the program should die within the abovementioned six (6)-year period, his/her heirs shall not be bound by the obligation to reimburse as provided, if the property has been legally transferred in their favor through testate or intestate succession. If these heirs should decide to sell, exchange, donate, lease, or otherwise transfer the property within the aforementioned period, they shall be bound to reimburse the subsidy received pursuant to the table above.
When a beneficiary of the program who owns the property decides to sell, exchange, or otherwise transfer his/her share in the real property to another co-owner, he/she shall be bound to reimburse the part of the subsidy attributable to his/her share, by applying the percentages established in the above table. In case of a divorce, he/she shall be subject to the regulations adopted by the Secretary of Housing, to determine whether the reimbursement proceeds.
In those cases in which the reimbursement of the subsidy does proceed, it shall have to be made before or simultaneously with the legal transaction causing the transfer of the title deed, for which the presence of the Secretary of Housing shall be fundamental and indispensable in the documents transferring the domain, in terms of giving his/her consent and releasing the property from the lien once reimbursement has been made.
Failure to comply with the restricting conditions set forth in this subsection shall entail the suspension of the subsidy.
(2) In the cases of subsidies for rental housing, the lease contract shall consign the following restricting conditions:
(a) The lessee shall not sublet the property or devote it to any use other than that of his/her habitual and permanent residence.
(b) In case of the demise of the beneficiary, the house rental subsidy shall be suspended unless the surviving spouse or a dependent qualifies to continue receiving the same.
(c) In case of divorce, the house rental subsidy shall continue to be offered to the person remaining in the dwelling if he/she qualifies pursuant to this chapter and the regulations adopted for its implementation.
(d) Any other condition that the Secretary of Housing may establish through regulations to such effect.
Failure to comply with the restricting conditions set forth in this subsection shall entail the suspension of the subsidy.
History —Aug. 31, 1996, No. 173, § 5, renumbered as § 6 on Sept. 8, 2000, No. 393, § 5.