P.R. Laws tit. 13, § 144
The Bank shall assign to the Puerto Rico Housing Financing Authority (the “Authority”) or deposit into the Secured Mortgage Reserve Fund created by virtue of §§ 261 et seq. of Title 7 (the “Reserve Fund”), the sum of thirty million dollars ($30,000,000), in order for the Authority to establish a program to restructure mortgages over eligible homes, whereby the Authority shall provide a surety equal to twenty-five percent (25%) of the principal of the mortgage for any of the following relief aids, or combination thereof, under the norms and rules established by the Authority:
(a) Allowing for a moratorium on the payment of their principal,
(b) allowing for an extension on the date of maturity of the principal,
(c) lowering monthly payments on principal and interest,
(d) lowering the interest rate, or
(e) partial or total elimination of late fees.
The Authority shall establish through regulations the eligibility criteria for participating in this program, as well as the procedures and mechanisms to be used for its implementation.
History —Mar. 9, 2009, No. 9, § 4.