HUD Approves Use of $6.2 Billion in CDBG-MIT Funds for Puerto Rico

Friday, February 5, 2021 - 9:00am

The U.S. Department of Housing and Urban Development and Puerto Rico’s housing department this week announced plans approving the use of $6.2 billion in Community Development Block Grant Mitigation (CDBG-MIT) funds for Puerto Rico. HUD issued a partial approval of $4.9 billion Jan. 20, but the new action adds $1.3 billion and removes some “burdensome terms and conditions” of the previous plan. The announcement said HUD will work with the housing department to remove oversight impediments while allowing the $6.2 billion to be available immediately.

How to use these CDBG-MIT funds and various community development tax incentives to encourage economic development and recovery in Puerto Rico will be the focus of the Novogradac 2021 Investing in Puerto Rico Virtual Conference, May 6-7.