Puerto Rico will get $18.5 billion to revive its housing industry
$18.5 billion
Puerto Rico will receive $18.5 billion in funding from the US Department of Housing and Urban Development, reportedly the agency’s largest grant offered to date.
Published | Photo by Reuters/Carlos Garcia Rawlins
It’s also substantially less than the $46 billion requested by governor Ricardo Rossello in the wake of Hurricane Maria and the 2017 Atlantic hurricane season.
HUD will issue $28 billion to nine US states, the Virgin Islands, and Puerto Rico. Out of $90 billion in disaster aid approved by the US, the Virgin Islands will receive a mere $1.6 billion.
As Reuters notes, the aid won’t do too much to alleviate against Puerto Rico’s financial situation. At a 50% poverty rate, the US territory struggled long before Maria hit and now owes creditors $120 billion in debt.
Although Puerto Rico expects to get $50 billion in aid—mostly from FEMA—over the next six years, recent documents have pointed to distinct bias in post-disaster aid.
