P.R. Laws tit. 17, § 1034
The resources to finance the Mi Casa Propia Program created by virtue of this chapter shall originate from an annual budget appropriation of five million dollars ($5,000,000) to the Department of Housing which shall be transferred solely to the Puerto Rico Housing Finance Authority to achieve the objectives and purposes of this section. They may also originate, in whole or in part, from the savings generated by the refinancing of the bonds issued in 1986 by the former Bank and Housing Financing Agency of Puerto Rico, now known as the Puerto Rico Housing Finance Authority, to meet the obligation of subsidy pre-payment pursuant to Act No. 115 of July 11, 1986, as amended, and obligations incurred under the Provisional Financing Insurance Program.
For each fiscal year, the Secretary of Housing, in coordination with the Executive Director of the Housing Finance Authority shall include the aforementioned budget appropriation as part of the Housing Finance Authority budget request. Said budget request shall enclose a cost-effectiveness analysis that includes, among its areas of study, the net fiscal and financial impact that the data provided or validated by the pertinent authorities show regarding the housing construction costs, the supply and demand, and need for housing in Puerto Rico.
The Puerto Rico Housing Finance Authority and the Department of Housing are hereby authorized to use any surplus of the funds appropriated from the General Fund for the different stages of the Affordable Housing Subsidy Program created by this chapter and administered by the Housing Finance Authority, and from any other program with funds available to assist individuals or Puerto Rican families that comply with the terms established by the Authority through regulations.
The maximum value of the housing unit to be acquired shall not exceed the sales price of two hundred thousand dollars ($200,000). These housing units may be located in housing development projects or may be individual units located in any municipality in Puerto Rico. In the case of newly-built or rehabilitated properties located in urban centers, the maximum sales price shall be two hundred ninety-nine thousand dollars ($299,000). It shall be understood that the properties located in the urban centers include those located within the perimeters and delimited areas which are defined as such in §§ 1095 et seq. of this title, known as the “Urban Centers Revitalization Act”, as well as those properties located within the perimeters and areas delimited under §§ 226 et seq. of Title 23, known as the “Special Act for the Rehabilitation of Santurce”; §§ 5201 et seq. of Title 23, known as the “Special Act for the Development of Castañer”; and §§ 591 et seq. of Title 23, known as the “Special Act for the Creation of the Santurce Theater District”. The Secretary shall determine which additional areas shall be included as part of the urban centers, using as guidelines the parameters provided in the aforementioned laws. The Secretary shall certify which properties are located in an urban center as defined in this chapter.
The Housing Finance Authority Board shall adopt procedures as are necessary and consistent with the purposes of this chapter, and is hereby empowered to create the Mi Casa Propia Program to be administered by the Puerto Rico Housing Finance Authority as a program separate from the Affordable Housing Subsidy Program, and to establish the amount applicable to the down payment or to expenses directly related to the purchase of a housing unit to help low- and moderate-income persons.
The surplus from the subsidies mentioned in this chapter, as well as the surplus and funds available from all programs administered and/or under the custody of the Housing Finance Authority shall also be used to finance the Mi Casa Propia Program up to the amount needed to cover the valid applications submitted thereto.
Persons who have not availed themselves of the benefits provided by similar programs in the past may be eligible to participate in this Program unless the Executive Director of the Housing Finance Authority otherwise authorizes it so that they may avail themselves of the subsidy provided by the Program, without impairing any other requirements established by this chapter or by regulations, and avoiding any involvement of the speculative market for purposes other than those established in this chapter.
For purposes of acquisition under the Mi Casa Propia Program created by this chapter, eligible housing shall include houses which are already built and those which are purchased prefabricated whose sales price does not exceed two hundred thousand dollars ($200,000); home construction loans in an amount not to exceed two hundred thousand dollars ($200,000); and newly-built or rehabilitated housing units located in urban centers whose maximum sales price does not exceed two hundred ninety-nine thousand dollars ($299,000). It shall be understood that the properties located in urban centers are those located within delimited perimeters and areas as such term is defined in §§ 1095 et seq. of this title, known as the “Urban Centers Revitalization Act”; as well as those areas which are located within delimited perimeters and areas as provided in §§ 226 et seq. of Title 23, known as the “Special Act for the Rehabilitation of Santurce”; §§ 5201 et seq. of Title 23, known as the “Special Act for the Development of Castañer”; and §§ 7001 et seq. of Title 23, known as the “Special Act for the Rehabilitation of Rio Piedras”. The Secretary shall use the parameters established in the aforementioned laws as a guide to certify that the property is located in an urban center as defined in this chapter.
The Housing Finance Authority Board and the Executive Director of the Housing Finance Authority shall prescribe by regulations the eligibility criteria, an administrative fee for the use of the program to be collected by the seller, of one point five percent (1.5%) of the sales or appraised value, whichever is less, up to a maximum of one thousand five hundred dollars ($1,500), and other conditions in order to guarantee that housing units are adequate to become homes for Program participants. Said regulations shall be consistent with the Statement of Motives and the public policy of this chapter broadening the participation of and benefits for the citizenry in any circumstances.
The Mi Casa Propia Program shall consist of a subsidized contribution of up to three percent (3%) of the sales price or appraised value, whichever is less, of the existing qualified housing unit, or a new structure whose sales price or appraised value does not exceed two hundred thousand dollars ($200,000), under the parameters established in this chapter or the pertinent regulations, up to a maximum of four thousand dollars ($4,000). Likewise, the Program shall consist of a subsidized contribution of up to five percent (5%) of the sales price or appraised value, whichever is less, of the newly-built housing, prefabricated housing, the home construction loan, or rehabilitated housing located in urban centers that qualifies under the parameters established in this chapter or the pertinent regulations, up to a maximum of six thousand dollars ($6,000). The price adopted for purposes of the preceding parameter shall be known as the fair value.
Funds appropriated to the Program shall be used in a proportion of fifty percent (50%) for existing housing, and the other fifty percent (50%) for newly-built housing. In the case of rehabilitated or newly built housing units located in urban centers, as well as home construction loans and prefabricated housing, these shall be considered as newly-built housing. The caps for these appropriations shall be assessed each month based on the projections and revenues received by the Program. If, before the end of every month, the balance of the funds for the newly-built or existing housing units is zero (0) and the balance of the other item exceeds five hundred thousand dollars ($500,000), the Housing Finance Authority may transfer the excess funds over the aforementioned amount to the item whose balance is zero (0). The Authority shall always ensure that the fund from which the resources are transferred maintains at all times a minimum balance of five hundred thousand dollars ($500,000).
The Executive Director of the Housing Finance Authority is hereby authorized to establish the effective term of the program through circular letter.
History —Dec. 10, 1993, No. 124, § 16; Aug. 25, 2000, No. 206, § 1; Mar. 29, 2001, No. 4, § 1; Sept. 27, 2003, No. 282, § 1; Nov. 17, 2003, No. 293, § 1; Dec. 19, 2003, No. 309, § 1; Sept. 22, 2004, No. 437, § 2; Dec. 29, 2009, No. 209, § 1; Oct. 25, 2011, No. 209, § 1, eff. 60 days after Oct. 25, 2011; Aug. 4, 2012, No. 153, § 1; Dec. 21, 2012, No. 303, § 7; June 26, 2013, No. 34, § 1; Dec. 26, 2013, No. 172, § 1; Dec. 1, 2014, No. 197, § 1; Nov. 17, 2015, No. 187, § 49.