Esta ley renombra la Corporación para el Financiamiento de la Vivienda de Puerto Rico como la Autoridad para el Financiamiento de la Vivienda de Puerto Rico. Deroga la Ley Núm. 146 de 30 de junio de 1961, disolviendo el Banco de la Vivienda y Agencia Financiera de Puerto Rico y transfiriendo sus poderes, facultades, obligaciones y activos a la nueva Autoridad. Adopta la Resolución Núm. 4023 de 16 de noviembre de 1977, con enmiendas, excepto en lo referente a la composición de la Junta de Directores. El propósito es consolidar y coordinar las funciones gubernamentales relacionadas con el financiamiento y subsidio de vivienda asequible para familias de bajos y moderados ingresos, buscando mayor eficiencia y acceso a mercados financieros.
(Approved August 11, 2001)
To denominate the Puerto Rico Housing Financing Corporation, subsidiary of the Government Development Bank for Puerto Rico, as the Puerto Rico Housing Financing Authority; and to repeal Act No. 146 of June 30, 1961, as amended, in order to dissolve the Puerto Rico Housing Bank and Financing Agency, and transfer its powers, faculties, obligations and assets to the Puerto Rico Housing Financing Authority, and to adopt Resolution No. 4023 of November 16, 1977, as amended, except for the provisions regarding the composition of the Board of Directors.
The Puerto Rico Housing Bank and Financing Agency (the "Housing Bank"), a public corporation attached to the Puerto Rico Department of Housing, was created by Act No. 146 of June 30, 1961, as amended, for the purpose of aiding the Government of the Commonwealth of Puerto Rico in its housing subsidy and financing programs for families of low and moderate income. The Housing Bank has successfully executed those programs designed to provide and expedite the financing of affordable housing.
With the purpose of providing financing and services to create and preserve affordable housing, and thus contribute to the socioeconomic development of Puerto Rico, by providing financing options for low or moderate incomes families, the Board of Directors of the Government Development Bank for Puerto Rico (the "Government Development Bank"), created, through Resolution No. 4023 of November 16, 1977, as amended,
the Puerto Rico Housing Financing Corporation (the Corporation), as a subsidiary of the Government Development Bank.
At present, the housing financing programs for families of low or moderate income are dispersed and disbanded between the Housing Bank and the Corporation. This legislature deems and declares that the government functions of facilitating and providing direct or indirect financing for the development, rehabilitation and acquisition of affordable housing, the administration of certain housing programs, including housing subsidy programs, mortgage insurance, among others, and the development, operation and maintenance of single or multifamily housing, whether for sale or rent, for low or moderate income families or persons, should be consolidated and coordinated in a single government body to prevent duplication of functions and to more effectively comply with the government responsibility of promoting the welfare of its people and the economy of Puerto Rico.
The Corporation, as a subsidiary of the Government Development Bank, has the fiscal solvency and access to secondary markets needed to successfully offer more products in the capital markets that serve as a financing source for the development, rehabilitation, and acquisition of affordable housing, the administration of certain housing programs, including subsidy programs, mortgage insurance and the development, operation and maintenance of housing for their sale or lease to low or moderate income families. The consolidation of resources, powers, faculties and obligations related to the financing of housing in a single entity shall strengthen the image of the financing body, since a single entity for the financing of affordable housing shall have greater influence in the negotiation of financial agreements with the federal government and the
private sector, in addition to providing a "One-Stop-Center" for housing developers and mortgage bankers.
As the result of this evaluation, this Legislature deems it necessary and convenient to repeal Act No. 146 of June 30, 1961, as amended, and as a consequently, to dissolve the Housing Bank and Financing Agency, and direct the transfer of all its powers, faculties, obligations, functions, contracts, agreements, properties and other assets, funds, among other resources and employees, to the Housing Financing Authority as of the effective date of this Act. Furthermore, Resolution No. 4023 of November 16, 1977, as amended, of the Board of Directors of the Government Development Bank for Puerto Rico, is hereby adopted and made part of this Act, and the Corporation is redenominated to be known as the Puerto Rico Housing Financing Authority.
For all the above, this Legislature deems that the provisions of this Act shall serve as a valuable tool for the strengthening of the affordable housing programs of the Island.
Section 1.- Short Title.- This Act shall be known and may be cited as the "Puerto Rico Housing Financing Authority Act".
Section 2.- Definitions.-
(a) "Authority".- means the Puerto Rico Housing Financing Authority, the name by which the Puerto Rico Housing Financing Corporation shall be known as of the effective date of this Act, as defined hereinbelow.
(b) "Housing Bank".- means the Puerto Rico Housing Bank and Financing Agency, a public corporation subsidiary of the
Department of Housing of Puerto Rico, created pursuant to Act No. 146 of June 30, 1961, as amended, which is dissolved pursuant to the provisions of this Act.
(c) "Government Development Bank".- means the Government Development Bank for Puerto Rico, created pursuant to Act No. 17 of September 23, 1948, as amended, known as the Government Development Bank for Puerto Rico Act.
(d) "Corporation".- means the Puerto Rico Housing Financing Corporation, a public corporation subsidiary of the Government Development Bank, created pursuant to Resolution No. 4023 of November 16, 1977, as amended, of the Government Development Bank, redenominate as the Puerto Rico Housing Financing Authority.
Section 3.- Puerto Rico Housing Financing Authority.- The Puerto Rico Housing Financing Corporation is hereby redenominated as the Puerto Rico Housing Financing Authority. Any reference to the Corporation in any other Act or regulations shall be construed to refer to and apply to the Authority. Resolution No. 4023 of November 16, 1977, as amended, of the Board of Directors of the Government Development Bank, is hereby adopted, except for those provisions regarding the composition of the Board of Directors.
Section 4.- Transfer.-
(a) All the powers, faculties, obligations, functions, contracts, agreements, properties and other assets, funds, among other resources, exemptions and privileges of the Housing Bank are hereby transferred to the Authority, together with all its funds, assets, appropriations, rights, records, materials, equipment and all
types of properties and resources in existence as of the effective date of this Act.
(b) All debts, liabilities, obligations agreements, and collective bargaining agreements of the Housing Bank shall be deemed as imposed on the Authority as of the effective date of this Act. Any property of the Housing Bank that has been mortgaged, encumbered or has served as security in behalf of any bondholder or other creditor of the Housing Bank, shall continue to be subject to said mortgage, encumbrance or secured interest until the mortgage, encumbrance or secured interest is cancelled or terminated in accordance to its terms and conditions. All bondholders or other creditors of the Housing Bank and those persons who have claims or contracts of any type with the Housing Bank, shall be entitled to claim from the Authority the compliance of said debts, claims and contracts in the same way they would be able to claim against the Housing Bank. The remedies available for said bondholders, creditors and persons entitled to such claims or contracts shall in no way be limited or restricted by this Act.
(c) All the employees of the Puerto Rico Housing Bank and Financing Agency and of the Corporation shall become employees of the Authority, which shall be its successor employer as of the effective date of this Act, with recognition of the seniority of the employees of the Housing Bank set forth in the collective bargaining agreement that was in effect between the Union and the Housing Bank as of the date of this Act.
(d) None of the provisions of this Act shall affect the constitutional right to collective bargaining enjoyed by the employees of the
Housing Bank, nor the vested rights, benefits and privileges, by virtue of the collective bargaining agreements negotiated under Act No. 130 of May 8, 1945, as amended, known as the "Puerto Rico Labor Relations Act".
(e) As of the effective date of this Act, the Authority, as successor employer of the employees, shall recognize the unions that represent the unionized workers of the Housing Bank and of the Corporation, and shall assume the agreements in effect on such date.
(f) If any conflict should arise between the rights, benefits and privileges guaranteed to the workers of the Housing Bank and of the Corporation in the collective bargaining agreements and/or the regulations applicable to them, the collective bargaining agreement and/or regulations that most benefit the employees shall be applied.
(g) The rights, privileges, obligations and civil service status, if any, acquired under the law, collective bargaining agreements and personnel regulations in effect on the effective date of this Act shall be guaranteed to all employees affected by the transfer provided in this Act, as well as with regard to any pension, retirement or savings and loan system to which they may be affiliated or members of on the effective date of this Act.
(h) The Registrars of the Property Registry are hereby directed to recognize all property of the Housing Bank as transferred to the Authority as of the effective date of this Act.
(i) All regulations, orders, resolutions, circular letters and other administrative documents of the Housing Bank shall remain in
effect as the regulations, orders, resolutions, circular letters of the Authority until they are amended, supplemented, repealed and rendered ineffective by the Authority, pursuant to law.
(j) The Secretary of the Department of Housing and the Executive Director of the Authority, are hereby directed to adopt all those measures and to take those steps deemed necessary to assure the effective and adequate transfer of powers, faculties, obligations agreements, collective bargaining agreements, property and other resources transferred through this Act, including but without being limited to administrative programs and services provided by the Housing Bank, so that they shall not be affected or interrupted.
(k) Any reference to the Housing Bank in any other Act or regulations shall be understood to refer and apply to the Authority.
Section 5.- Board of Directors.- The Board of Directors of the Puerto Rico Housing Financing Authority shall be composed of seven (7) members, to be appointed by the Governor of Puerto Rico. Four (4) of them shall be ex-officio members, who shall be the following: The Secretary of the Department of Housing, who shall chair the Board of Directors; the President of the Government Development Bank for Puerto Rico; the Secretary of the Department of the Treasury and the Secretary of the Department of Economic Development, and three (3) members from the private sector, who shall be appointed by the Governor of Puerto Rico.
Section 6.- Repeal of Act; Dissolution of the Housing Bank.- Act No. 146 of June 30, 1961, as amended, is hereby repealed, and consequently, the Housing Bank and Financing Agency is hereby dissolved,
without the need of any other measure, declaration of law, resolution, nor the granting of a deed or any additional document whatsoever.
Section 7.- Saving Clause.- If any conflict should arise between the regulations and statutes of the Puerto Rico Housing Bank and Financing Agency and those of the Puerto Rico Housing Bank and Financing Agency, the regulation or statute that is most beneficial for the applicant of a housing program, his/her creditors and employees, shall be applied.
Section 8.- Effectiveness.- This Act shall take effect 180 days after its approval.
Elba Rosa Rodríguez-Fuentes, Esq., Director of the Office of Legislative Services of the Legislature of Puerto Rico, hereby certifies to the Secretary of State that she has duly compared the English and Spanish texts of Act No. 103 (S.B. 645) of the $1^{ ext {st }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico, entitled:
AN ACT to denominate the Puerto Rico Housing Financing Corporation, subsidiary of the Government Development Bank for Puerto Rico, as the Puerto Rico Housing Financing Authority; and to repeal Act No. 146 of June 30, 1961, as amended, in order to dissolve the Puerto Rico Housing Bank and Financing Agency, and transfer its powers, faculties, obligations and assets to the Puerto Rico Housing Financing Authority, and to adopt Resolution No. 4023 of November 16, 1977, as amended, except for the provisions regarding the composition of the Board of Directors, and finds the same are complete, true and correct versions of each other.
Elba Rosa Rodríguez-Fuentes