Affordable housing developers will always be looking for new possibilities. One place they might not want to look is Puerto Rico. Inside a statement released captured, the U.S. Department of Housing and concrete Development (HUD) announced it has joined into a contract using the Commonwealth to assist improve and implement its housing plan. A signing ceremony occured in San Juan, and attended by Puerto Rico’s Governor and many HUD officials.
Included in the agreement, Puerto Rico has agreed to produce a Housing Task pressure which will conduct a housing needs assessment and create a arrange for meeting individuals needs. A 2-year deadline continues to be looking for Puerto Rico to create alterations in its internal systems to be able to handle the extra HUD funding effectively and correctly. Puerto Rico has additionally dedicated to developing a wide open and competitive process for choosing grant recipients.
Because of its part, HUD has dedicated to help conduct the requirements assessment, assist the Commonwealth develop its plan, make enhancements towards the financial control over its programs, and train relevant people and organizations regarding how to effectively combine HUD funding with money using their company sources to meet up with the Commonwealth’s development goals.
Based on the agreement, HUD uses the house Investment Partnerships Program and also the Community Development Block Grant Program since it’s primary tools for encouraging housing rise in the Commonwealth. Both HUD officials and Puerto Rico’s Governor agree the Commonwealth’s housing plan should concentrate on individuals with special needs, the seniors, and individuals coping with Aids/AIDS. This latest HUD partnership paves the way to new development and investment possibilities, especially because the Commonwealth activly works to streamline its processes. Information on the agreement can be seen on HUD’s site.