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Ricardo Álvarez Barreto, executive director of the Puerto Rico Housing Finance Authority (AFV by its initials in Spanish) on Monday announced the availability of $42 million for the development of affordable housing on the island.
The funds come from the HOME Investment Partnership-American Rescue Plan (HOME-ARP) Program administered by the U.S. Department of Housing and Urban Development (HUD), which Gov. Jenniffer González Colón supported while she was resident commissioner.
The purpose of the allocation is the construction and rehabilitation of affordable rental housing, tenant-based rental assistance, supportive services, operational assistance, and capacity building for nonprofit organizations.
“These funds present a great opportunity to address the various housing needs that exist on the island, including the lack of rental homes, homes for low-income people, among others,” the governor said. “This approval from HUD gives us the green light to continue working and I urge interested individuals and entities to stay tuned for additional guidelines from the AFV.”
The AFV executive director added: “We invite developers and organizations to propose the development of rental housing and provide much-needed support services for qualified populations in Puerto Rico.”
