NRMLA submitted a letter to Puerto Rico Housing Secretary Luis C. Fernández-Trinchet, Esq. requesting that $5 million in federal Community Development Block Grant funds be released to help HECM borrowers who are delinquent on paying their property taxes and insurance.
Following Hurricanes Irma and Maria in 2017, the Puerto Rican government established a Disaster Recovery Action Plan, so that CDBG funds could be used to help homeowners impacted by the storms avoid foreclosure.
“Although the amount of the allocation may seem small within the broader spectrum of the CDBG-DR program, such an allocation will benefit thousands of elderly individuals who have limited or no income, and who may be facing a dire situation due to their inability to cover basic tax and insurance payments and may consequently end losing their homes,” NRMLA says in the letter.
Additionally, NRMLA says it is available to assist the Puerto Rico Department of Housing (PRDOH) in the outreach and intake of the individuals who may benefit from the proposed program, as well as to coordinate with the PRDOH in how to set up and manage the program. NRMLA is also prepared to provide statistics and non-sensitive information about the population of homeowners who would benefit from this proposed program, and who would eventually retain their homes. Read the full letter by logging into NRMLAonline.org.
NRMLA Requests Federal Funds Be Released to Help Puerto Rico HECM Borrowers
