P.R. Laws tit. 13, § 10624
(a) Rental requirement. — At least seventy-five (75%) percent of the housing units in the project for which tax credits were granted pursuant to this chapter shall be kept rented and occupied by low or moderate income families for a term of at least ten (10) consecutive years, counting from the date on which the Executive Director issues the credit certification. The Executive Director may require the reimbursement of the credit granted as provided in § 10633 of this title. In the case the same are combined with federal tax credits, the restriction period of the rental rates and the income limit shall be based on the regulations applicable in accordance with the allocated tax credit program. If twenty-five percent (25%) of the housing units for which credit was computed are not rented to low or moderate income families for a maximum term of one hundred and eighty (180) days, it shall not constitute noncompliance with the rental requirement. In the case of revocation, and as provided in § 10632(b) of this title, the owner shall have to reimburse all or part of the credit granted according to the year in which said noncompliance occurs, as provided in § 10633 of this title. The owner shall file a sworn statement each year, for the term of ten (10) years mentioned above, at the Main Office of the Authority, with a copy to the Secretary of the Treasury, certifying that the housing units for which the computed credit was granted, were rented during the previous year to low or moderate income families.
In the event that the same are combined with federal tax credits, the term of the sworn statement certifying the housing units shall be based on the applicable regulations in accordance with the allocated tax credit program.
(b) Rental terms and conditions. — The housing units on which credit is computed shall only be rented to low or moderate income families qualified as such, for a term of not less than one hundred and eighty (180) days for each year and based on the maximum rent determined by the Executive Director from time to time, as adequate for rental to low or moderate income families. The owner shall execute a written lease contract with each low or moderate income family for the housing unit rented, consigning in said contract the maximum rent applicable and those terms and conditions that the Executive Director determines by regulations.
(c) Responsibility of future owners. — For the purposes of the obligation of total or partial reimbursement of the amount of credit granted established in this chapter, the only person responsible shall be the owner of the property at the time in which the noncompliance or non-compliances in question occur.
(d) Registration requirements. — The requirements established in this section shall be registered at the Property Registry.
History —Oct. 4, 2001, No. 140, § 5; Aug. 13, 2008, No. 261, § 4.