By The Star Staff
Housing Secretary William Rodríguez Rodríguez announced Sunday that the application period has already begun for loans of up to a maximum of $100 million to private and public entities for the development of vital infrastructure that mitigates risks associated with disasters.
The loans, partially or fully forgivable, will be awarded under the Economic Development and Investment Portfolio Growth Program (IPG-MIT), an initiative of the Community Development Block Grant Mitigation (CDBG-MIT) funds.
“This program is a key piece in developing the Puerto Rico we want for this and future generations,” Rodríguez said in a written statement. “With that in mind we are looking forward to receiving all proposals that fulfill this purpose.”
The IPG-MIT program will fund large-scale projects that promote the improvement of infrastructure related to transportation, communications, solid waste management and other vital lines identified in the CDBG-MIT funds action plan. The projects will be evaluated by an interdisciplinary committee composed of government experts in economic, fiscal, transactional and infrastructure development.
Deputy Secretary of Disaster Recovery Maretzie Díaz Sánchez said “we are presenting a new alternative for developing large-scale projects that strengthen our lifelines and provide Puerto Rico with the ability to recover from the impact of future disasters quickly, while creating alternatives for economic development through new jobs.”
The application portal and program guidelines, which detail all the requirements for applying, can be accessed at the cdbg_dr.pr.gov website.