P.R. Laws tit. 21, § 5182
Property taxes corresponding to the 1992-93 fiscal year and for any subsequent fiscal year on any property in the possession of any non-profit organization duly authorized under the laws of Puerto Rico, to be rented to any person displaced by the development of any urban renewal or housing project or any government action, shall likewise be reduced by seventy-five percent (75%) of its total, provided the property is used and the rental fees established pursuant to the rules and regulations promulgated by the Federal Housing Administration under the provisions of § 221 of the National Housing Act, as amended.
The Collection Center shall apply the tax reduction established by this section only to those dwellings that the Department of Housing of Puerto Rico certifies as destined to be rented to persons displaced as a result of the development of urban renewal or housing projects; that the rental fees fixed do not include any profit for the organization; that said dwellings and fees are subject to the regulations promulgated by the Federal Housing Administration pursuant to § 221 of the National Housing Act, as amended, and that said dwellings are necessary in the public interest.
History —Aug. 30, 1991, No. 83, § 5.32.