P.R. Laws tit. 13, § 145
The Bank shall assign to the Authority or deposit into the Reserve Fund, the sum of twenty-four million dollars ($24,000,000), in order for the Authority to establish a program to help eligible persons or families acquire a newly built or an existing home by means of a relief aid on the down payment required at the time of purchase. The relief aid shall be in the maximum amount of twenty-five thousand dollars ($25,000) for newly-built homes and ten thousand dollars ($10,000) for existing homes. This down-payment relief aid shall be obtained by placing a second mortgage for the authorized amount. Such second mortgage is not to become payable as to principal and interest for ten (10) years and shall be secured by the Authority under the provisions of §§ 261 et seq. of Title 7. The interest rate on such second mortgage shall be a fixed rate, as established by the Authority by regulation, but shall never be greater than the interest rate prevailing on the market, plus one-fourth (1 / 4 %) percent upon closing of sale. The Authority shall establish by regulation the criteria and procedures to be used to determine eligibility for participating in this program, the subsidy amount that the beneficiary shall receive from the Authority depending on the income of the person or family, and the amount, if any, to be put forth by the homebuyer, the developer, and the bank, cooperative association or financial institution for newly-built homes, or by the homebuyer and the seller for existing homes.
History —Mar. 9, 2009, No. 9, § 5; June 8, 2009, No. 28, § 1.