HUD Approves $8.2B Puerto Rico Recovery Plan

first_imgHome / Daily Dose / HUD Approves $8.2B Puerto Rico Recovery Plan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Ben Carson HOUSING HUD Hurricane Irma Hurricane Maria infrastructure Puerto Rico 2019-03-01 Radhika Ojha Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: The 10 Most Homebuyer Friendly Markets Next: Ask the Economist with Skylar Olsen About Author: Radhika Ojha Related Articles Servicers Navigate the Post-Pandemic World 2 days ago March 1, 2019 2,348 Views The U.S. Department of Housing and Urban Development (HUD) reaffirmed its commitment to get Puerto Rico back on its feet after the devastation caused by Hurricane Maria in late 2017. The agency approved the island nation’s latest disaster recovery plan as well as the disbursement of $8.2 billion as part of the grant made available to Puerto Rico’s recovery by Congress in 2018. However, this approval comes with tight fiscal controls.“This is an unprecedented investment and since Puerto Rico has a history of fiscal malfeasance, we are putting additional financial controls in place to ensure this disaster recovery money is spent properly,” said HUD Secretary Ben Carson. “With stringent HUD oversight, these dollars should have a real, lasting impact on Puerto Rico and help our fellow citizens who are struggling to recover from these devastating storms.”HUD said that its approval of Puerto Rico’s action plan makes the island nation eligible for Congressionally appropriated disaster relief funds which will be awarded through HUD’s grant programs.The heightened scrutiny of how these funds are spent will include enhanced monitoring of expenses as well as other measures designed to ensure Puerto Rico’s legal and prudent use of the funds, HUD said in a statement.On its part, Puerto Rico has said that it will address the “urgent humanitarian needs” of the island’s residents while “also developing and implementing a transformative recovery.” The amended action plan submitted by the island includes an analysis of early damage estimates and gives details about an initial program design to address the island’s recovery with the first tranche of $1.5 billion that was approved by HUD as well as the additional $8.2 billion.The action plan indicated that the parameters within which the remaining funds would be spent would be outlined in forthcoming federal guidelines, and its proposed uses determined in subsequent action plans.In February 2018, Congress had approved $1.5 billion towards the recovery efforts with an additional $18.5 billion approved in April, which also included funds targeted to reinstating the electric grid and other mitigation activities after the devastation caused by Hurricanes Irma and Maria in 2017. in Daily Dose, Featured, Government, Loss Mitigation, News Tagged with: Ben Carson HOUSING HUD Hurricane Irma Hurricane Maria infrastructure Puerto Rico Subscribe  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago HUD Approves $8.2B Puerto Rico Recovery Plan The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img

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