P.R. Laws tit. 23, § 7009
2019-02-20 00:00:00+00
The Economic Development Bank for Puerto Rico may execute, at its discretion, a surety on viable eligible property projects involving substantial rehabilitation, improvements or new constructions to be developed in Río Piedras upon presentation of an application therefor, for a period of ten (10) years from the new effective date of this act.
The Economic Development Bank for Puerto Rico may secure the surety thus executed through insurance. The funds to extend the insurance may proceed from the collection of five percent (5%) of the value of the mortgage loans granted in Río Piedras and secured by the Economic Development Bank for Puerto Rico.
History —July 5, 1995, No. 75, § 8; July 17, 2009, No. 39, § 3.