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  • Writer's pictureThe San Juan Daily Star

Over $200 million in federal funds added to home purchase program

By The Star Staff

Housing Secretary William Rodríguez Rodríguez on Sunday announced the disbursement of over $200 million in Community Development Block Grant Disaster Recovery (CDBG-DR) funds under the Direct Homebuyer Assistance Program (HBA), from which more than 6,000 families have already benefited in the purchase of a home.

The program helps homebuyers with up to $60,000 for early payment and closing expenses.

“Today we celebrate that we have helped more than 6,000 families get their homes …” Rodríguez said. “We continue to carry the message that this program is available to help citizens.”

Following the previous success and enthusiastic reception of the aid, during recent weeks the Housing Department announced that it had added an additional $200 million to the HBA program, which was launched in July 2019 to extend the possibility of helping more families.

The Housing Finance Authority (AFV by its Spanish initials) has been designated by the Housing Department as the entity administering the HBA program with the goal of assisting eligible applicants in acquiring property. With the collaboration of the AFV and the financial institutions participating in the program, an average of $4.2 million per month has been disbursed.

AFV Executive Director Blanca Fernández González noted that “AFV has been working collaboratively with financial institutions to ensure that HBA Program funds reach each of the eligible applicants.”

“In accordance with our governor’s public policy, we have worked hard to make the disbursement of federal funds viable for the benefit of our citizens,” she said. “Therefore, it is a matter of great pride for us to reach this disbursement so that eligible families can acquire a home of their own.”

Fernández González added that the $200 million injection brought the total in CDBG-DR funds to be disbursed through the HBA to $495 million.

”The AFV has continued to conduct various outreach efforts through social networks, orientations in municipalities, government agencies and shopping centers promoting this subsidy as an opportunity for more eligible families to obtain a safe roof,” she said.

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