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The Special Communities Perpetual Trust (the "Trust" or "SCPT") was created pursuant to Law No. 271 of November 21, 2002 in order to complement the purpose of the Special Communities Integral Development Act, Law No. 1 of March 1, 2001, thereby complying with the Commonwealth of Puerto Rico's public policy of promoting a better quality of life and social development of those communities in greater need (the "Special Communities").
Granting financing to Special Communities to assist them adequately in building and restoring housing and infrastructure within the very communities is the best way to bring about said development. Thus, an irrevocable and permanent Public Trust Fund was created, to be known as the "Special Communities Perpetual Trust", and a a nonprofit public corporate body was constituted irrevocably and in perpetuity with independent legal capacity, in order to effectively provide financial resources to Special Communities and foster their development. The Special Communities Perpetual Trust is attached to the Government Development Bank.
The Trust has, among others, the power to provide financial or any other king of assistance to government agencies and instrumentalities in order to foster and pay for the development of the Special Communities infrastructure. It has the power to grant financing to individual or juridical persons that provide handling, support and technical assistance for the development of works and projects in the Special Communities.
In addition, the Trust may grant loans to the residents of the Special Communities for the purchase, construction, or rehabilitation of the home of said residents of the Special Communities, as well as for the development of economic projects located in said Special Communities.
The Trust is also empowered to grant donations to residents of the Special Communities, which may not exceed $15,000, to be used for the purchase, construction or rehabilitation of the dwelling in which they live and of which they are the owners; however, the disbursement may never be made directly to the resident. It also has the power to obtain monies through loans and issue bonds in order to provide funds to pay the cost of acquiring any property for the Trust or to achieve any of its purposes.
The Board of Directors of the Trust is constituted by eleven (11) members:
Alberto Lastra Power
Secretary of Housing
Miguel A. Torres Díaz
Secretary of Transportation and Public Works
María Lourdes Rivera Grajales
General Coordinator for Socio-Economic Financing
and Self-Management of the Special Communities
Two (2) public officers:
- Javier Ramos Hernández
- Rafael Subero Collazo
One (1) mayor:
- Alfredo Alejandro Carrión - Mayor of the Municipality of Juncos
One (1) community leader:
- Jorge L. Oyola Torres
Four (4) private citizens who represent the public interest:
- José Figueroa Pesquera
- Carlos Cusnier Albretch
- Bennett Díaz Figueroa
Mr. Alberto Lastra Power is the Chairman of the Board of Directors of the Trust and Ms. Leny M. Cáceres Vázquez is the Secretary of the Board.
Contact
Angel L. Rosado Rivera
Executive Director
Tel. (787) 274-2527 x-5204
Fax (787) 274-2503
Physical address:
Housing Department
606 Barbosa Barbosa Ave.
Juan C. Cordero Building
Río Piedras, Puerto Rico
Postal address:
PO Box 42001
San Juan PR 00940-2001
To contact a Special Communities Perpetual Trust officer, write to FPCE@bgfpr.com.