Esta ley enmienda la Ley Orgánica del Subsidio de Vivienda Asequible para aclarar que el programa "Llave para tu Hogar" considerará las viviendas prefabricadas como una opción para familias de recursos económicos limitados que soliciten los beneficios del programa. También ajusta la ley para reflejar la consolidación de entidades financieras de vivienda bajo la Autoridad para el Financiamiento de la Vivienda de Puerto Rico.
(Approved September 27, 2003)
To amend Section 16 of Act No. 124 of December 10, 1993, as amended, known as the "Affordable Housing Subsidy Organic Act," for the purpose of clarifying that the Key to Your Home Program, created by Act No. 4, of March 29, 2001, which amended said Act No. 124, shall consider prefabricated dwellings as an option when families of limited financial resources apply for the program benefits.
On August 25, 2000, Act No. 206 was approved, to amend Section 16 of Act No. 124 of December 10, 1993, known as the "Affordable Housing Subsidy Organic Act". The amendment consisted in adding a third and a fourth paragraph to Section 16 and to authorize the Puerto Rico Housing Bank Financing Agency to use the remainder of the funds assigned to the General Fund for the different phases of the Affordable Housing Subsidy Program which had matured, administered by said entity to help persons or families of low or moderate resources in the acquisition or the rehabilitation of affordable housing. This would thus allow it to subsidize the monthly mortgage payment and part of the down payment.
Since the amendment contained in said Act No. 206 of 2000 refers to affordable housing to determine the maximum price or value of the unit to be acquired or rehabilitated, in practice we refer to Act No. 47 of June 26, 1987, as amended, known as the Co-participation of the Public and Private Sector for the
New Operation of Housing Act. Act No. 47, among other things, fixes the maximum price of affordable housing at seventy thousand dollars ($ 70,000.00). Section 4 of Act No. 124 authorizes the establishment of the maximum sale price from time to time.
The use of the remainder of the subsidy to help persons or families of low or moderate resources in the purchase or rehabilitation of housing is an additional means for the commonwealth and federal programs to provide secure and adequate home ownership for persons from economically disadvantaged sectors. This type of subsidy shall allow its beneficiaries to acquire existing housing, in addition to those of new construction, and shall be a mechanism to make the affordable housing Projects feasible in areas where, at present, high development costs or the lack of an adequate infrastructure do not make it possible. The use of these resources allowed the establishment of the Key to Your Home Program, which was initially determined to be administered by the Housing Department through the Puerto Rico Bank and Housing Financing Agency. Thus, the Secretary of Housing was thereby authorized to create this new program with the purpose of offering a new opportunity to acquire a dwelling to low or moderate-income persons or families.
The Puerto Rico Housing Financing Authority was created through Act 103 of August 11, 2001, whereby the Puerto Rico Bank and Housing Financing Agency and the Puerto Rico Housing Financing Corporation, subsidized by the Government Development Bank for Puerto Rico were consolidated and the new entity was attached to the Government Development Bank for Puerto Rico. Consequently, it is necessary to amend Act No. 124 of December 10, 1993, as amended, for the purpose of adjusting it to the code of laws.
Further, Section 16 of Act No. 124 of December 10, 1993, as amended, known as the "Affordable Housing Subsidy Organic Act" should be amended
for the purpose of clarifying that the Key to Your Home Program, created by Act No. 4, of March 29, 2001, which amended said Act No. 124, shall consider pre-fabricated housing as an option, when families of limited financial resources apply for program benefits.
The importance of developing housing and the declaration of this decade as the Decade of Housing, make it indispensable to approve this measure seeking to broaden the options available to our citizens at the time of applying for the aid of low-cost or moderate housing programs.
Section 1.- Section 16 of Act No. 124 of December 10, 1993, as amended, is hereby amended to read as follows: "Section 16.- The resources for financing the Program created by this Act shall be provided by the economy generated by the refinancing of the bonds issued by the Puerto Bank and Housing Financing Agency in 1986, known now as Puerto Rico Housing Financing Authority, to comply with the obligations of subsidy pre-payment, pursuant to Act No. 115 of July 11, 1986, as amended, and obligations entered under the Provisional Financing Insurance Program.
In subsequent years, the Secretary of Housing shall request the resources necessary for financing the program created by this Act, as part of the Housing Department's budgetary request.
The Bank and Housing Financing Agency, now the Puerto Rico Housing Financing Authority, is hereby authorized to use the surplus of funds appropriated to the General Fund for the different stages of the Affordable Housing Subsidy Program created by this Act and managed by said Bank, to help persons or families of low or moderate means with the purchase or rehabilitation of housing, the maximum sale price of which, in case of purchase or rehabilitation, shall be established by the Secretary of Housing with the prior
approval of the Legislature. Such housing may be located in housing projects or may be individual housing located in any municipality of Puerto Rico.
The Secretary of Housing shall adopt the procedures that are necessary and consistent with the purposes of this Act and is hereby authorized to create the Key to Your Home Program, which shall be managed by the Puerto Rico Housing Financing Authority as a program different from the Affordable Housing Subsidy Program and to establish the amount to be applied for the down payment or expenses directly related to the purchase of housing to help people of low or moderate income. The procedure shall establish restrictive conditions with the purpose of preventing speculation or the inadequate use of the property or benefits contemplated in this Act.
The surplus of the subsidies referred to in this Act shall also be used to finance the Key to your Home Program and, in subsequent years, the Secretary of Housing shall request the resources necessary for financing the Program as part of the Housing Department's budgetary request.
Pre-fabricated housing shall be considered as eligible for the purpose of being acquired through the Program created by this Act. The Secretary of the Department of Housing and the Executive Director of the Housing Financing Authority shall define the term pre-fabricated dwelling and other conditions by means of regulation to guarantee that they are adequate housing for the Program participants."
Section 2.- The Secretary of Housing shall adopt the regulations required by the previous Section within sixty (60) days following the approval of this Act.
Section 3.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 282 (S.B. 1913) of the $6^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Section 16 of Act No. 124 of December 10, 1993, as amended, known as the "Organic Act of the Affordable Housing Subsidy," for the purpose of clarifying that the Key to Your Home Program, created by Act No. 4, of March 29, 2001, which amended said Act No. 124, shall consider pre-fabricated dwellings as an option, when families of limited financial resources apply for the program benefits, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $27^{ ext {th }}$ of October of 2004.
Elba Rosa Rodríguez-Fuentes Director