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Home > About GDB > Subsidiaries > Puerto Rico Housing Finance Authority (PRHFA)

Puerto Rico Housing Finance Authority (PRHFA)

PRHFA Notices
PRHFA Programs

Puerto Rico Housing Finance Authority

 

 

 

The Puerto Rico Housing Corporation was created in 1977 after the Government Development Bank launched an initiative to help stimulate the local housing sector. The Housing Bank and Finance Agency was created in 1961 to provide financing to low-income families to become homeowners.

In 2001 the Commonwealth established as a priority the need to restructure all public agencies in charge of offering financing for housing. In addition, the Commonwealth prioritized the need to merge under a single operation the financing services for low-income housing. Effective February 8, 2002, the Housing Finance Corporation became the Housing Finance Authority (PRHFA) and the Housing Bank and Finance Agency was dissolved and its powers were transferred to the Housing Finance Authority.

The PRHFA, a GDB subsidiary, provides mortgage loans to public and private housing developers for the construction, improvement, operation and maintenance, of rental housing for low to moderate income families. Moreover, it offers mortgage loans to citizens of low and moderate income. It also administers the Mortgage Loan Insurance Program (Act No. 87) and the housing subsidy program Key to your Home. In addition, the Real Estate Division handles repossessed properties that are received either from defaulting loans granted by the PRHFA itself or through claims filed by other banking institutions with the Mortgage Loan Insurance Program (in which case, PRHFA has responded as insurer of said banking institution and paid the institution its claim for the property because a mortgage loan debtor has defaulted).

The Housing Finance Authority is certified by the U.S. Department of Housing and Urban Development to administer the U.S. Housing Act Section 8 program in Puerto Rico and to act as an approved mortgager, for both multi-family rental units and for single-family homes. The Housing Finance Authority also issues bonds and notes, the proceeds of which are deposited in separate trusts and generally invested in federally insured mortgage loans on properties located in Puerto Rico and purchased by low and moderate-income families. In addition, it is an authorized issuer of the Government National Mortgage Association (GNMA) mortgage-backed securities. The corporation is also Puerto Rico's State Credit Agency for Low-Income Housing Tax Credit program under Section 42 of the U.S. Internal Revenue Code.

The merger of financial operations helped strengthen the entity, placing it in a better position to negotiate financial agreements with both the federal government and the private sector. Act 103 helped create a financial institution that abides by the Housing Department's public policy and an entity that designs financial structures for low-income housing projects. The merger also helped create a "One Stop Center" for housing developers and mortgage bankers.

PRHFA has streamlined and brought new efficiencies to the process of administering the development of housing at all levels. This GDB subsidiary's new organization and thrust will allow it to direct the housing programs championed by the government beginning in January 2009.

For more information on PRHFA as a tax-exempt securities issuer click HERE.

Contact Information

PO Box 71361
San Juan PR 00936-8461

Ave. Barbosa 606
Edif. Juan C. Cordero
Río Piedras PR 00919-0345
Tel (787) 765-7577
Fax (787) 620-3521

George R. Joyner-Kelly
Executive Director
Tel. (787) 765-7577 x-4572, x- 4571
Fax (787) 620-3521

Harry Torres, CPA
Deputy Executive Director
Tel. (787) 765-7577 x-4573
Fax (787) 765-5315

José L. De Jesús-Jiménez
Assistant Executive Director for Administration
Tel. (787) 765-7577 x-2238
Fax (787) 765-5315


Luis Burdiel-Agudo

Assistant Executive Director for Single-Family Projects

Tel. (787) 765-7577 x-2240

Fax (787) 620-3529

 

Lcdo. Luis Oscar Berríos

Assistant Executive Director for Multi-Family Projects

Tel. (787) 765-7577 x-4522

Fax (787) 620-3521

 

Alcides Ortiz- Ferrari

Executive Assistant

Tel (787) 765-7577
Fax (787) 620-3521

Official Website

www.afv.gobierno.pr

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