P.R. Laws tit. 17, § 861
The Housing Financing Agency and Bank of Puerto Rico, hereinafter denominated as the “Agency”, is hereby authorized to insure, coinsure and re-insure, on its own or with others, the payments on any mortgage loan granted to moderate or low-income families for the acquisition of lots to be used by these families for the construction of housing destined to residential use, under the terms and conditions determined by the Agency through regulations.
In order to comply with the obligations assumed by the Agency when insuring, co-insuring and re-insuring mortgages for the acquisition of lots by moderate or low-income families, a Mortgage Reserve Fund to Insure the Acquisition of Lots (hereinafter denominated the “Fund”) is hereby created, which shall initially be replenished by the transfer of five hundred thousand dollars ($500,000.00) made by the Agency from the remainder of the fund maintained by the Agency to meet the obligations contracted under Act No. 115 of July 11, 1986, as amended; by future legislative appropriations; by insurance premiums; and by any other revenues resulting from the mortgage insurance, from which all the financial commitments incurred for insurance, operating expenses and any other expenses incidental to the mortgage insurance, as provided in the “Mortgage Insurance Regulations for the Acquisition of Lots”, shall be paid. The Department of Housing shall take the necessary measures, through regulations, so that the benefits deriving from the cost reduction obtained by the intervention of the Department of Housing or the concessions approved by the Planning Board may result in a direct benefit to the consumer.
History —July 26, 1995, No. 86, § 1.