Puerto Rico to get $18.5 billion to rebuild shattered housing market | Reuters
SAN JUAN (Reuters) - Puerto Rico will receive $18.5 billion from the U.S. Department of Housing and Urban Development to help rebuild its battered housing stock and infrastructure after September’s Hurricane Maria, the island’s governor and HUD officials said on Tuesday.
HUD is awarding a total of roughly $28 billion to nine states, the U.S. Virgin Islands and Puerto Rico that have been recently affected by major disasters, including Hurricanes Irma, Harvey and Maria, as well as the recent California wildfires.
The funds are part of a
$90 billion disaster aid package signed by Trump in February. The Virgin Islands is set to receive $1.6 billion in HUD disaster recovery funds, a department media advisory said on Tuesday.
Puerto Rico is navigating the largest bankruptcy in U.S. government history, and the plan is meant to establish economic projections that will serve as a basis for forthcoming restructuring talks with creditors owed $120 billion in bond and pension debt.
“Informal” construction - which can also refer to property owners who illegally subdivide their land - is thought to comprise between one-fourth and one-half of Puerto Rico’s 1.2 million homes.
The prevalence of informal housing, which often does not comply with building codes, was thought to compound damage to Puerto Rico’s housing stock when the storm hit.
I'd like to say.......1/3rd of the citizens of Puerto Rico got housing assistance and grants................over a MILLION OF THEM............
And they want more.......as our Gov't spent 90 Billion in Disaster Relief for all the issues going on.