Esta ley deroga la Sección 5 de la Ley Núm. 114 de 11 de mayo de 2004, eliminando una restricción para aplicar las disposiciones de la Ley Núm. 47 de 26 de junio de 1987 (Ley de Coparticipación del Sector Público y Privado para la Nueva Operación de Vivienda) a todas las unidades de vivienda asequible que participan o participarán en la novena fase del programa de subsidios hipotecarios creado por la Ley Núm. 124 de 10 de diciembre de 1993. El objetivo es extender los beneficios de la Ley Núm. 47 a más proyectos de vivienda asequible, incluyendo aquellos que ya tienen permisos y financiamiento, para promover el desarrollo de viviendas para familias de ingresos moderados.
(Approved August 30, 2004)
To repeal Section 5 of Act No. 114 of May 11, 2004, in order to eliminate the restriction imposed therein to make all the provisions in the Public and Private Sector Copartnership for the New Housing Operation Act, Act No. 47 of June 26, 1987, as amended, applicable to all affordable housing units that are participating or shall participate in the ninth phase of the mortgage subsidies program created by Act No. 124 of December 10, 1993, as amended.
Act No. 114 of May 11, 2004 ("Act 114") amended the Public and Private Sector Copartnership for the New Housing Operation Act, Act No. 47 of June 26, 1987, as amended ("Act 47"), among other purposes, to increase the maximum sales price of affordable housing units to eighty thousand $($ 80,000)$ dollars for single family units, ninety thousand $($ 90,000)$ dollars for multi-family housing units, and one hundred thousand $($ 100,000)$ dollars for single unit or multi-family units located in urban centers, as delimited by the Municipality and the Office of the Director of Urbanism, and to extend the term of effectiveness of the program created by virtue of the provisions of Act No. 47.
Act No. 114 seeks to respond to the economic reality of the Island by enabling the development of a greater number of affordable housing construction programs. Inflation in construction prices in Puerto Rico, as well as the scarcity of land suitable for development have made it necessary to modify the maximum prices per housing unit established in Act No. 47. Act No. 114 however, excluded from
the benefits provided by Act No. 47 those affordable housing units that are completed, under construction or about to begin construction and that are participants under the ninth issuing of Act No. 124 of December 10, 1993.
The referred to restriction affects the viability of projects that already have the permits and financing needed to begin construction, which could be contrary to the main purpose of Act No. 47, which is to create incentives for the construction of affordable housing to provide dwellings to moderate income families at affordable prices. In view of the need to promote the development of affordable housing units without major limitations, the Legislature hereby repeals Section 5 of Act No. 114 to extend the benefits provided under Act No. 47 to all the affordable housing developments that participate in the ninth phase or any other phase following the mortgage subsidies program created under Act No. 124 of December 10, 1993, as amended.
Section 1.- Section 5 of Act No. 114 of May 11, 2004, is hereby repealed, which reads as follows:
Section 2.- This Act shall take effect July 1, 2004.
I hereby certify to the Secretary of State that the following Act No. 234 (H.B. 4903) of the $7^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to repeal Section 5 of Act No. 114 of May 11, 2004, in order to eliminate the restriction imposed therein to make all the provisions in the Public and Private Sector Copartnership for the New Housing Operation Act, Act No. 47 of June 26, 1987, as amended, applicable to all affordable housing units that are participating or shall participate in the ninth phase of the mortgage subsidies program created by Act No. 124 of December 10, 1993, as amended, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $2^{ ext {nd }}$ of November of 2005.
Francisco J. Domenech Director