Fiscal board green-lights public housing project for expedited permitting
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.”