HUD Provides $600M to Modernize, Construct 4,100 Public Housing Units in Puerto Rico

By Anuradha Kher, Online News EditorNew York–The U.S. Department of Housing and Urban Development is expected today to sign a Puerto Rico bond refinancing and tax-credit approval, a financial agreement worth more than $600 million, including more than $200 million in tax-credit equity that will accelerate the modernization and construction of more than 4,100 public housing units in Puerto Rico.Deputy Secretary Roy Bernardi will join Puerto Rico Governor Anibal Acevedo Vila in signing the agreement at the JP Morgan office in Midtown Manhattan. This is the largest tax-credit equity investment in the history of the 22-year-old Low Income Housing Tax Credit Program.