Results 1 to 2 of 2

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

  1. #1
    Senior Member JohnDoe2's Avatar
    Join Date
    Aug 2008
    Location
    PARADISE (San Diego)
    Posts
    99,040

    Puerto Rico to get $18.5 billion to rebuild shattered housing market

    Puerto Rico to get $18.5 billion to rebuild shattered housing market



    By Luis J. Valentin Ortiz
    ,ReutersApril 10, 2018

    SAN JUAN (Reuters) - Puerto Rico will receive $18.5 billion from the U.S. Department of Housing and Urban Development to help rebuild its battered housing stock and infrastructure after September's Hurricane Maria, the island's governor and HUD officials said on Tuesday.

    The funding for the U.S. territory was the largest grant in the history of the HUD, said HUD undersecretary Pamela Patenaude.

    But the award was significantly less than the $46 billion requested by Governor Ricardo Rossello in November.

    HUD is awarding a total of roughly $28 billion to nine states, the U.S. Virgin Islands and Puerto Rico that have been recently affected by major disasters, including Hurricanes Irma, Harvey and Maria, as well as the recent California wildfires.

    The funds are part of a $90 billion disaster aid package signed by Trump in February. The Virgin Islands is set to receive $1.6 billion in HUD disaster recovery funds, a department media advisory said on Tuesday.

    Rossello said at a news conference that he expected to adjust Puerto Rico's fiscal turnaround plan to reflect the full grant. The most recent version of the plan pegged at $13 billion the amount of funds from HUD that the commonwealth expected to receive.

    Puerto Rico is navigating the largest bankruptcy in U.S. government history, and the plan is meant to establish economic projections that will serve as a basis for forthcoming restructuring talks with creditors owed $120 billion in bond and pension debt.

    Rossello and Patenaude made the announcement in Villa Hugo, a shantytown in Canovanas, which sustained severe damage when Maria hit the island on Sept. 20.

    Villa Hugo's 6,000 residents are squatters on government land. Most built their homes informally, and do not own title to their properties.

    "Informal" construction - which can also refer to property owners who illegally subdivide their land - is thought to comprise between one-fourth and one-half of Puerto Rico's 1.2 million homes.

    The prevalence of informal housing, which often does not comply with building codes, was thought to compound damage to Puerto Rico's housing stock when the storm hit.

    The HUD funds can be used for housing, economic development and infrastructure, and could be used to help repair the island's crippled power grid. While local authorities determine where funds will be used, HUD provides technical assistance and guidelines, Patenaude said.

    Maria was a vicious blow to an already struggling island that has been in recession for more than a decade, with a poverty rate near 50 percent.

    Puerto Rico now projects to receive roughly $50 billion during the next six years in federal disaster relief assistance, mostly through the Federal Emergency Management Agency, according to the government's latest fiscal turnaround plan.

    https://www.yahoo.com/news/puerto-ri...-business.html
    NO AMNESTY

    Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.


    Sign in and post comments here.

    Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn

  2. #2
    MW
    MW is offline
    Senior Member MW's Avatar
    Join Date
    Jun 2006
    Location
    North Carolina
    Posts
    25,717
    Not a bad deal considering Puerto Rico only pays somewhere between 3 and 4 billion annually to The United States Treasury. If Puerto Rico was a full state instead of a Commonwealth it would be the 29th largest state.

    Source:
    http://worldpopulationreview.com/countries/puerto-rico-population/

    "The only thing necessary for the triumph of evil is for good men to do nothing" ** Edmund Burke**

    Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts athttps://eepurl.com/cktGTn

Similar Threads

  1. Half of Puerto Rico’s housing was built illegally. Then came Hurricane Maria.
    By Newmexican in forum Other Topics News and Issues
    Replies: 2
    Last Post: 02-16-2018, 01:52 PM
  2. Replies: 1
    Last Post: 12-05-2017, 08:39 AM
  3. Replies: 4
    Last Post: 09-23-2017, 02:23 PM
  4. Replies: 0
    Last Post: 03-22-2014, 06:56 PM
  5. DEA Agents Sweep Puerto Rico Housing Projects in Raid on Dru
    By Texas2step in forum Other Topics News and Issues
    Replies: 0
    Last Post: 07-16-2010, 06:50 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •