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To safeguard the fiscal stability of Puerto Rico and promote its competitiveness in order to transform our economy into one of the most developed economies in the world, hence, fostering the social and economic enhancement of our people.

August 29, 2014 - Presentation: Economic Activity Index for the month of July 2014

 

August 21, 2014 - August 14, 2014 PREPA Financial Agreements

 

August 19, 2014 - Document: Scope of CRO Authority (PREPA)

 

August 14, 2014 - PREPA Reaches Agreements with Creditors

 

August 7, 2014 - Treasury: Strong Start to FY 2015: July 2014 Revenues Exceed July 2013 Revenues by $129 Million and Estimates by $37 Million

 

August 7, 2014 - Treasury: General Fund Revenues - Monthly Revenue Estimates Distribution

 

 
Property Notices Position Openings

Municipal Finance CorporationMunicipal Finance Corporation

The Municipal Finance Corporation, known by its Spanish acronym COFIM, is a newly created public corporation and instrumentality of the Commonwealth of Puerto Rico, attached to the Government Development Bank. COFIM is authorized to issue and use other financing mechanisms to pay or refinance, directly or indirectly, in whole or in part, the debts of the municipalities of the Commonwealth payable or backed by the 1% municipal sales and use tax.

COFIM was created pursuant to Act 19 of January 24, 2014, which contemplates a new collection method for the 1% municipal SUT that will become effective on September 1, 2014. COFIM will be responsible for running the development of an integrated collection structure that will guarantee funds are received and provide detailed information about such funds. As part of this effort, a group of municipalities will form part of a pilot program for filing new municipal SUT returns and paying the municipal SUT.

If you wish to read an informative brochure about COFIM and the new collection method (in Spanish), click HERE. To view a map of the municipalities that form part of the PILOT PROGRAM, as well as a model of the new municipal SUT return forms (in Spanish), click HERE.

For more information on the Municipal Finance Corporation as an entity attached to the GDB, visit the COFIM webpage in the GDB website.

July 17, 2014 Investor Webcast Registration InformationInvestor Webcast: Update on Fiscal and Economic Progress (July 2014)
On July 17, 2014, Puerto Rico's Government Development Bank, Treasury Department, Office of Management and Budget, and Department of Economic Development and Commerce hosted a joint webcast to update the investment community on the Commonwealth’s fiscal and economic progress.
Webcast Replay and Presentation


Recovery ActPuerto Rico Public Corporation Debt Enforcement and Recovery Act

On June 28, 2014, Governor García Padilla signed into law a bill for debt enforcement and recovery of public corporations. The main purpose of the Recovery Act, Law No. 71, is to provide a clear legislative framework for certain public corporations that are experiencing severe financial stress to overcome their financial obstacles through an orderly, statutory process that allows them to handle their debts fairly and equitably, while ensuring the continuity of essential services to citizens and infrastructure upgrades. Read the Recovery Act. (The law was passed in both English and Spanish; the English text begins on page 74.) To view a summary on this Law, click HERE. Fact Sheet of the Recovery Act.

On July 21, 2014, Puerto Rico and PREPA vigorously defended the constitutionality of the Recovery Act in motions seeking dismissal of a lawsuit brought by two funds invested in PREPA bonds. Read the related press release, the Motion to Dismiss filed by the Commonwealth, the Governor and the GDB , and PREPA's Motion to Dismiss.



Puerto Rico, La Isla Estrella The All-Star Island

Throughout history, the outstanding performance of the men and women of our Island has been fundamental to our development. The talent of the people of Puerto Rico has been strategic in the Islandís development and prosperity. Our starsí achievements may be seen in all the disciplines, beyond our borders, earning us recognition around the world. By giving the best of him or herself, each Puerto Rican has the potential to stand out. That is what makes us the All-Star Island. Our world-class talent is our most valuable possession and it is key in our mission to create jobs and wealth, attract and develop businesses, and boost tourism.

For more information about investing and doing business in Puerto Rico, visit Business in Puerto Rico.

View a slide presentation prepared by the Department of Economic Development and Commerce: Economic Roadmap.


José M. Berrocal Institute for Economics and Finance

José M. Berrocal Institute for Economics and FinanceThe José M. Berrocal Institute for Economics and Finance is a GDB subsidiary created to complement the Bank's mission of promoting economic development by providing specialized training on the theory and practice of public finances and economics to talented young professionals in order to attract them to join the public service. An eight-week Summer Internship Program is the Berrocal Institute’s main initiative towards this goal. To find out more about the Berrocal Institute, visit the Institute’s webpage.

This informative brochure features the Berrocal Institute’s historic background and mission, as well as its Summer Internship Program's structure, requirements and objectives.

Mortgage Loan Insurance Program (Act 87)
Mi Casa Propia
In order to incentivize the refinancing of properties, Governor Alejandro GarcŪa Padilla signed Law 129 of August 3, 2014, establishing incentives for the payment of internal revenue stamps and registration vouchers required when obtaining a mortgage loan.

Act 129 allows that deeds of mortgage for refinancing of properties under the Mortgage Loan Insurance Program be exempted, through the Ahorro Hipotecario product, from payment and cancellation of internal revenue stamps and vouchers required by law in the execution of public documents. In addition, for deeds of cancellation of preferred mortgages, a 50% exemption from payment of internal revenue stamps and vouchers is granted. For more information about the Ahorro Hipotecario product, contact your preferred mortgage bank or credit union.
2013 Low Income Housing Tax Credit Allocation Plan (Final)

           - Annexes A to N

           - Annexes O to P


Puerto Rico Housing Financing Authority Housing Rental under Section 8 Program: (in Spanish)

-Notice to Landlords

-Form

Third Amendment to Regulations on Insured Mortgage Reserve (in Spanish)


HOME Program (HUD)

Direct Buyer Assistance (HOME Program) (in Spanish)

List of Repossed Properties

Other PRHFA Notices
Other PRHFA Programs

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       August 2014