Housing expands the subsidy for first-home purchase with federal CDBG-DR funds

Puerto Rico Housing Department secretary William Rodríguez Rodríguez announced an expansion in the eligibility parameters and amounts of the Homebuyer Assistance Program (HBA), financed with federal CDBG-DR recovery funds granted by HUD.

The program increased the direct economic aid to as much as $55,000 for essential first-response workers, such as police, nurses, firefighters, emergency technicians, and public-system teachers, and as much as $45,000 for low- and moderate-income families. The funds apply directly to the down payment and closing costs in the acquisition of their first residential home.

Secretary William Rodríguez Rodríguez explained that the government subsidy counters the price climb in the island real-estate market and high mortgage interest rates, allowing thousands of working families to qualify for conventional mortgages at local banks and cooperatives. The Mortgage Bankers Association praised the measure as a vital stimulus for the housing sector.

Source: El Nuevo Día. https://www.elnuevodia.com/negocios/banca-finanzas/notas/vivienda-amplia-subsidio-asistencia-comprador-primer-hogar-cdbg-dr/