P.R. Laws tit. 17, § 1542
Pursuant to the provisions of Sections 1, 7, and 19 of Article II of our Constitution, it is hereby declared to be the public policy of the Government of Puerto Rico to enable citizens or families who wish to acquire a decent, safe, and affordable real property to be used as their principal residence and who meet the requirements established herein to do so through the procedures and mechanisms set forth in this chapter.
The Government of Puerto Rico hereby empowers the PRHPA to adopt and establish a system for the sale and financing of affordable housing units in order to enable our citizens to obtain financing and acquire a home.
It is hereby established that the adopted regulations shall be consistent with the standards and principles set forth by the OCIF, FED, FDIC, HUD, §§ 261 et seq. of Title 7, and §§ 891 et seq. of this title, insofar as they apply by virtue of law. Furthermore, the President of the GDB shall oversee compliance with all financing regulatory standards, and may overrule any decision made by the PRHFA.
History —Aug. 12, 2011, No. 184, § 3.