A public housing project is the first critical project of the Board

 

Original Article by Sin Comillas

The Fiscal Control Board has awarded the first Critical Project designation under Title V of PROMESA to the public housing project Viewpoint at Roosevelt, which can now benefit from an expedited permitting process at the local and federal levels. The project provides for the development, construction and operation of a multifamily rental housing project in the sector of the financial district of Hato Rey in San Juan, which consists of a 13-story building with 130 apartment units. All units will be available for low-income families, following the income and income requirements of the Federal Housing Credits Program.
 
Viewpoint at Roosevelt meets five fundamental criteria to be considered a Critical Project, as recognized in Title V of PROMESA and Law 76, which include: addressing an emergency to the extent that it provides affordable and safe housing for low-income families , a need that has been exacerbated by Hurricane Maria; have immediate availability of funds; provide economic development benefits insofar as it promotes the revitalization of an urban center and the creation of jobs through private investment in construction and the operation of buildings; and to be at an advanced stage in the development processes and permits.
 hato Rey Puerto Rico
In addition, the location of this project is part of the Urban Train Joint Development Program, sponsored by the Federal Transit Administration, as a program to promote the development of systems aimed at improving traffic.
 
“This designation is an advance towards one of the objectives of PROMESA, to stimulate sustained economic development for Puerto Rico. The Critical Projects Process under Title V aims to generate successful partnerships between the Government, federal public agencies and private investors to support this objective and we are committed to continue moving forward with this itinerary, “said Noel Zamot, coordinator of Revitalization of the Meeting.