P.R. Laws tit. 21, § 5003
The owners of newly built properties who operate the aforesaid under the provisions of Section 8 of the National Housing Act of 1974 (Public Law 93-383, 88 Stat. 659) are hereby exempt from the tax imposed by §§ 5001 and 5002 of this title, corresponding to the taxable years following the approval of this act, as long as they continue to operate under said provisions in order to provide subsidized rental housing to low- or moderate-income families when it is so certified by the Department of Housing of Puerto Rico.
Property owners who have acquired affordable housing projects from the Department of Housing to partially rehabilitate them and use them to provide subsidized rental housing to low- or moderate-income families under the Rental Assistance Program provided by Section 8 of the National Housing Act of 1974 (Public Law 93-383, 88 Stat. 659) are also exempt from the tax imposed by §§ 5001 and 5002 of this title, as long as they continue to operate under said provisions and it is so certified by the Department of Housing. This exemption shall apply to all acquisitions of affordable housing projects after fiscal year 1992-93.
In both instances, in addition to complying with the provisions of Section 8 of the National Housing Act of 1974 (Public Law 93-383, 88 Stat. 659) it shall be an essential requirement for the owners of these properties to comply with the governing principles established in § 1471 of Title 17.
The Secretary of the Department of Housing shall issue a Certificate of Compliance which shall validate that the owners of the properties comply with the provisions of this section, as well as with the governing principles set forth in §§ 1471-1475 of Title 17 and, therefore, qualify for the exemption provided herein. The filing of the Certificate of Compliance shall be an essential requirement to process the exemption provided herein.
History —Aug. 30, 1991, No. 83, § 2.03; Aug. 9, 1995, No. 130, § 1; Nov. 17, 2015, No. 187, § 44.