P.R. Laws tit. 13, § 10606
(a) Criteria. — The Secretary of Housing shall evaluate every application for credits according to the provisions of this chapter and the regulations adopted thereby within one hundred and twenty (120) days after receiving the application. The Secretary of Housing, in the evaluation of the application, must consider the proportion of the infrastructure to be used by the existing and future housing project of the petitioner, as well as the percentage of infrastructure capacity that will benefit other housing projects or persons on lands that are not owned by the petitioner. The Secretary of Housing shall also take into consideration the extraordinary investment in infrastructure to be made with regard to the total cost of the proposed housing project, which arises from the urbanization permit issued by the PRRPA, or of any other document or method that the Secretary of Housing deems convenient to use. In addition, the Secretary of Housing may take into consideration how the proposed housing project will be of benefit for the welfare of the target community, and how it will serve the purposes of this chapter, in determining the granting of credit under this chapter.
(b) Endorsements from other agencies. — The approval of the application for credit for extraordinary investment in housing infrastructure must have the prior endorsement of the Department of the Treasury, and, depending on the type of infrastructure to be developed, of the agencies or municipalities with inherence [sic] therein, including, without it being considered a limitation, and as applicable:
(1) Environmental Quality Board.
(2) Planning Board.
(3) Highway Authority.
(4) Aqueduct and Sewer Authority.
(5) Electric Power Authority.
(6) Department of Natural and Environmental Resources.
The Secretary of Housing shall remit a copy of the application for credit to the concerned agencies, according to the infrastructure works in question, within the term of five (5) days after having received the application.
(c) Evaluation by the Department of the Treasury. — The endorsement and corresponding approval of the application for credit by the Secretary of the Treasury, shall be subject to the following provisions:
(1) The Secretary of the Treasury shall evaluate the application for credit for its compliance with the applicable tax laws or any other law that may be under the jurisdiction of [t]he Secretary of the Treasury and shall remit his/her recommendation to the Secretary of Housing within sixty (60) days from the date the copy of the application was filed with the Secretary of the Treasury. The Secretary of the Treasury may require the petitioner to deposit a bond or other type of warranty as a condition for its endorsement and approval, to respond in the event the credits are revoked. If the Secretary of the Treasury does not submit his/her recommendations to the Secretary of Housing within the term of sixty (60) days from the date it was filed with the Secretary of the Treasury, it shall be deemed that the application has received a favorable recommendation from the Secretary of the Treasury. Each unfavorable report by the Secretary of the Treasury must include the grounds to support such report.
(2) Once the favorable recommendation of the Secretary of the Treasury has been received, or the term of sixty (60) days has elapsed without receiving the report of the Secretary of the Treasury, the Secretary of Housing shall have sixty (60) days to approve or deny the application. The Secretary of Housing shall issue a final decision, in writing, within a term of not more than one hundred and twenty (120) days from the date of the due filing of the an [sic] application. If the Secretary of Housing approves the application, he/she shall issue a recommendation of approval specifying the terms and conditions that must be met in order to enjoy the credit for investment in infrastructure.
(d) Recommendation of approval. — If the application for credit is considered favorably pursuant to this chapter and the regulations promulgated thereunder, the Secretary of Housing shall issue the corresponding recommendation of approval to the petitioner.
History —Aug. 10, 2001, No. 98, § 8.