Critical recovery workforce members may receive up to $35,000.
(San Juan, P.R.) – The secretary of the Department of Housing, Luis Fernández-Trinchet, encouraged citizens to continue applying for the Homebuyer Assistance Program (HBA), which provides first-time homebuyers with assistance funds to cover the gap between the closing costs and the down payment required for a mortgage obtained from a participating lending institution.
The program announced by Governor Wanda Vázquez Garced provide grants of up to $25,000 to lowand moderate-income households—or up to $35,000 to low or moderate-income households with critical recovery workforce members—for the acquisition of their main home, provided it does not exceed the current FHA mortgage limits or the appraisal value. Also, an additional incentive of $5,000 is available if the home is located in an urban center.
“With this program, we want to recognize and help people who have suffered as a result of different emergencies we have faced as well as those who are part of the frontline. These federal funds have been made available to give them the opportunity to achieve their dream of buying a home,” stated the first executive.
“HBA Program is a great economic support tool for many households that are considering buying their first home. This federal assistance seeks to expand our communities and provide Puerto Ricans with financial incentives that allow them to settle on the Island in a safe home of their own,” said Governor Vázquez Garced.
Fernández-Trinchet added that “until August 31, 2020, we will continue prioritizing this important sector of Puerto Rico, to help them achieve their goal of having their own home”.
Critical recovery workforce members include law enforcement officers, teachers, firefighters, custody officers, emergency medical technicians, emergency medical services responders, and medical professionals of the public or private sector.
HBA is funded by the Community Development Block Grant – Disaster Recovery (CDBG-DR) Program with an allocation of $350 million. The Housing Finance Authority (PRHFA) will administer the program funds to provide support to eligible participants.
Currently, there are 33 lending institutions participating, which are listed in the program’s webpage where interested individuals may apply and submit the required documentation.
To obtain additional information about the program and details on income limits, individuals may access recuperacion.pr.gov/programa-de-asistencia-directa-al-comprador/, or write us an email at HBAinfo@afv.pr.gov. People with any functional diversity or disability or those who require more information about these programs, may contact the call center at 1 (833) 234-2324; write us an email at infoCDBG@vivienda.pr.gov; visit our webpage www.recuperacion.pr.gov or write us at PO Box 21365 San Juan, PR 00928-1365.