P.R. Laws tit. 17, § 660
If the buyer of a dwelling, beneficiary of the subsidy program established in §§ 651-660c of this title, sells his dwelling to a third party, the Housing Financing Authority shall be empowered to recover from the seller the subsidy received plus interest thereon at the same rate fixed in the mortgage if the sale is made in violation of the rules that the Housing Financing Authority may establish in the regulations for such purposes. In order that the new buyer may avail himself of the above-established subsidy, he must meet the following requirements:
(1) The mortgage monthly payments must be up to date.
(2) Both the original buyer and the new buyer must have complied with all the provisions of the regulations and laws applicable, while the subsidy is in force.
(3) He must have an adjusted monthly income enough to pay his share in the monthly payment corresponding to the year of the sale with 20% of his adjusted income. If 20% of the adjusted monthly income is higher than the proportion of his payment, he shall be bound to pay such higher sum. On the contrary, if 20% of the adjusted monthly income is equal or higher than the monthly payment of the mortgage at the interest in the market, the subsidy for the dwelling shall end immediately.
History —July 5, 1973, No. 10, p. 771, § 10; Aug. 4, 2012, No. 152, § 1.