Municipalities Can Now Tap into $750 Million in Recovery Funds
The Government of Puerto Rico announced that municipalities can now apply for loans through the Puerto Rico Disaster Recovery Solution (PR DRS by its Spanish acronym).
Two local government agencies, the Central Office for Recovery, Reconstruction and Resiliency (COR3 by its Spanish acronym) and the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), presented the guidelines for the Reconstruction Work Fund and began an orientation period on the requirements to apply for the loan.
“We are now publishing the initial phase of the application so that the municipalities can begin the application process, while we resume the workshops on June 1 and 3 to address any questions that may arise related to this application process for the fund, which totals $750 million. In the second stage to be announced soon, government agencies will be able to request access to the fund,” said COR3 Executive Director Manuel Laboy.
“After an orientation effort that included individual meetings with our mayors on different stages of the application process, these officials, as well as their finance directors, can start the application process formally,” said AAFAF Executive Director Omar Marrero.
Public officials interested in participating in an orientation session may register through firstname.lastname@example.org or call at 1-800-685-6022.