On Friday, U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson and Puerto Rico's Governor Ricardo Rosselló announced the formal execution of a $1.5 billion grant agreement to help citizens in Puerto Rico to recover from Hurricanes Irma and Maria, $1 billion of which will be allocated to rebuilding housing. According to HUD, the signing of this grant agreement now paves the way to speed recovery dollars needed to restore damaged and destroyed homes, businesses and infrastructure.
"Today, HUD and Puerto Rico are moving forward to speed recovery on the island," said Secretary Carson. "Now that we have a framework in place, implementing Puerto Rico's disaster recovery program can move full steam ahead."
Part of the housing plan includes up to $120,000 to rebuild destroyed homes for each qualified homeowner and up to $48,000 to repair each eligible damaged property.
"We are grateful for the great working relationship we have established with the Department of Housing and Urban Development and for their continuous consideration in terms of the housing, infrastructure, and economic revitalization needs of the American citizens living in Puerto Rico," said Governor Ricardo Rosselló. "The Island continues to recover from the passage of hurricanes Irma and Maria, but with the trust and support of HUD we will definitely rebuild better and stronger than ever. The People of Puerto Rico thank Secretary Ben Carson and Deputy Secretary Pam Patenaude for their committed attention to the recovery of the Island."
Additionally, the plan will include $10,000,000 funding for rental assistance, specifically for properties serving the elderly and other vulnerable households. Another $36 million have been proposed for the Home Emergency Resilience Program, which provides up to $6,000 per household for individual solar appliances to help families.
The grant is also intended to speed up economic revitalization and infrastructure, with grant amounts of $145 million and $100 million respectively.
To learn more about how the industry is looking to rebuild Puerto Rico, an island that was devastated by Hurricanes Irma and Maria in 2017, register for the Five Star PR-18, and join representatives from mortgage banks, servicers, suppliers, non-depository institutions, and government agencies to participate in a series of collaborative discussions focused on restoring a balance of homeownership to an island still in the midst of rebuilding. Click below to register.