P.R. Laws tit. 17, § 1545
The Executive Director of PRHFA shall have the following powers:
(a) To establish the parameters and requirements under which a real property shall qualify as affordable housing for the purposes of this chapter, as provided under§§ 891 et seq. of this title. Only housing developments previously approved by the Executive Director shall qualify for the benefits, incentives, or credits herein established. The Executive Director shall review and update a listing of said housing developments on a monthly basis, in order to keep the public in general, as well as the banking sector, informed of the housing development projects that may benefit from this chapter. The duty established in this subsection may be delegated by the Executive Director to any official or subdivision of PRHFA deemed pertinent.
(b) To establish the structure or structures that shall be in charge of the implementation of this chapter. For such purposes, he/she shall adopt regulations and devise an operational plan with regard to the housing requirements, purchase, and financing processes herein provided; loan shipping to be sold in the capital markets; and the servicing of such loans.
The PRHFA may subcontract the execution of one or all of the transactions set forth in this subsection.
(c) To use PRHFA funds to defray the initial operating expenses needed for the implementation of this chapter. However, it shall establish a system to enable the self-financing of this operation through the collection of servicing fees and guarantee fees, among others.
History —Aug. 12, 2011, No. 184, § 6.