Federal Response HUD The Federal Housing Administration (FHA) updated policies for homeowners affected by Hurricanes Irma and Maria. FHA’s “Disaster Standalone Partial Claim” will now be the first mortgage relief option available for hurricane victims with FHA-insured homes located in Puerto Rico and the U.S. Virgin Islands. This option covers up to 30% of unpaid… Continue reading

Federal Response Congress PR Reconstruction plan. The Puerto Rican government submitted a recovery plan to Congress on August 8 that estimated the cost for reconstruction at $139 billion. This estimate is almost twice as much as the island’s government reported in November. Governor Ricardo Rosselló stated that “all the initiatives have the purpose of making… Continue reading

Federal Response HUD HUD has approved Puerto Rico’s plan for spending the $1.5 billion allocation from the Community Development Block Grant – Disaster Recovery to assist in long-term recovery from Hurricanes Irma and Maria. The grant includes $1 billion for housing, with $10 million earmarked for rental assistance for the elderly and other vulnerable households.… Continue reading

Federal Response Congress Senators Warren (D-MA), Sanders (I-VT), Gillibrand (D-NY), Markey (D-MA), Harris (D-CA), and Representative Velazquez (D-NY) introduced The U.S. Territorial Relief Act of 2018 to terminate certain debt obligations for survivors of Hurricanes Irma and Maria. The bill provides territorial relief for debt, creates a PR debt restructuring compensation fund, and creates an… Continue reading