Wednesday, August 15, 2018

Fiscal board green-lights public housing project for expedited permitting

By on July 18, 2018

SAN JUAN – The Financial Oversight and Management Board for Puerto Rico granted its first “Critical Project” designation under Title V of the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) to a public housing project, Viewpoint at Roosevelt, which will “benefit from an expedited local and federal permitting process,” the published announcement reads.

The project involves the “development, construction and operation of a multifamily rental housing project in the Hato Rey financial district sector of San Juan.” The 13-story building has 130 apartments. “All units will be available for low-income families following the Federal Low-Income Housing Tax Credits Program rent and income requirements,” the fiscal board said.

Viewpoint at Roosevelt, the board explained, “complies with five fundamental criteria to be considered a Critical Project, as recognized in the Title V of PROMESA and Act 76, including: addressing an emergency to the extent that it provides affordable and safe homes for low income families, a need that has been exacerbated by Hurricane María; having immediate availability of funding; specifying if it requires Government of Puerto Rico funding, which this project does not; providing economic development benefits by promoting the revitalization of an urban center and creating jobs through private investment in construction and buildings management operations; and being advanced in the development and permitting processes. In addition, the Project’s site is part of the Tren Urbano’s Joint Development Program, sponsored by the Federal Transit Administration, as a program to promote the development of transit-oriented developments.”

Noel Zamot, the board’s revitalization coordinator, added that the “designation is a milestone towards materializing one of PROMESA’s objectives, to spur sustained economic development for Puerto Rico. The Critical Projects Process under Title V is intended to bring forth successful partnerships between the Commonwealth, federal public agencies and private investors to support that objective and we are committed to keep moving the pipeline forward.” 

First ‘critical project’ designation sought from Puerto Rico fiscal board

Four critical projects withdrawn from Puerto Rico fiscal board desk

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