Partnership program for housing investments (HOME)
Program Description
The Association for Housing Investment Program (HOME) was created by the 1990 National Accessible Housing Act. This Program is financed entirely by federal funds. Every year, the United States Government assigns federal funds that are distributed among participating jurisdictions to stimulate the development of affordable housing.
Puerto Rico has been among this Program's participating jurisdictions since 1992. It is administered by the Housing Department. On July 1, 2011, the program was transferred to the Authority. This Program is responsible for analyzing and selecting projects.
Customer
Municipalities, private developers, Community Housing Development Organizations, contractors, citizens and other non-profit organizations.
Home Mortgage Insurance
Program Description
Act No. 87 of June 25, 1965, as amended, empowers the Authority to insure the mortgages of properties in its inventory. This Program was created as an effective mechanism for getting private banks involved in the financing of affordable housing.
Customers
Individuals that close loans with the Authority and with private financial institutions that insure their housing projects through the Authority.
Mortgage Loans Services
Program Description
Offers financing to low and middle income individuals when the client's economic situation does not allow him/her to qualify and apply for a mortgage loan under private market standards. The services offered include: closing cost subsidies, housing acquisition, and subsidies to cover improvements work.
Customers
Low and middle income people that need financing for the construction, acquisition and improvement of their homes.
Subsidy for low income housing
Program Description
Act. No. 124-1993 as amended, created this Program to address the low and middle income population housing problem. It is an inter-sector effort between the construction industry, private banks, the Government Development Bank, the Housing Department and the Authority. It provides funds for the down payment. In addition, it manages the entire evaluation, qualification, monitoring and promoting process for eligible projects.
Customers
Qualified low and middle income families
Subsidized housing
Program Description
Provides low income families subsidies for the rental of homes, as established by Section 8 of the Federal Housing Act. It is responsible for determining the eligibility of participants, the amount of rent and the subsidy payment. In addition, it grants and coordinates subsidy payments to multi-family project owners according to Housing and Urban Development (HUD) criteria.
Customers
Low income families that receive rent subsidies and multi-family rental developers.
FISCAL YEAR 2012-2013 PROPOSED BUDGET
The proposed consolidated budget for Fiscal Year 2012-2013 amounts to $221,658,000. This amount includes $105,309,000 in Federal Funds, $62,357,000 in Revenues from Internal Sources and $8,992,000 from Loans and Bond Issuance.
Operational expenses reflect an increase of $3,977,000 when compared to funds assigned in Fiscal Year 2011-2012 due to additional revenues generated from mortgage interests, return on investments, closing costs and the sale of mortgages.
Contributing Federal Program is the Housing Act Section 8 Rental Certificate Program. Resources from this fund are expected to increase by 2% ($2,458,000) and will be used to offer additional subsidies for renting houses.
Revenues from Internal Sources are generated from mortgage interests, return on investments, closing costs and the sale of mortgages and will be used to continue the administration and operation of the Authority's programs.
An additional $750,000 allocation is expected in Fiscal Year 2012-20123 to cover capital improvement works.
SUMMARY OF AGENCY'S AVAILABLE FUNDING
