Department of Housing and Urban Development (HUD) Secretary Ben Carson has announced a record grant agreement with Puerto Rico, making an additional $8.2 billion available to help with disaster recovery efforts.
“Now that proper financial controls are in place, implementing the second phase of Puerto Rico's disaster recovery program can move forward with an extension to its line of credit,” Carson said in a news release. “Additional oversight was needed before we could proceed with confidence that these critical disaster recovery funds will reach those who need them the most.
“HUD looks forward to working with Vivienda as they continue their recovery process. With this unprecedented amount of capital, it is our firm hope and expectation that Puerto Rico will become the jewel of the Caribbean.”
HUD will soon publish a notice in the Federal Register that will provide Puerto Rico with the guidelines for establishing its plan to use long-term mitigation funds appropriated by Congress. Puerto Rico's long-term recovery is supported through HUD’s Community Development Block Grant-Disaster Recovery (CDBG-DR) Program, which requires grantees to develop thoughtful recovery plans informed by local residents.
In March, HUD announced it would incorporate more than $8.2 billion in additional CDBG-DR funds to help the island continue to rebuild from Hurricanes Maria and Irma. The first action plan in February 2018 allocated $1.5 billion and focused primarily on housing programs.
Meanwhile, HUD also recently named Robert Couch as the federal financial monitor to oversee the grant administration and disbursement process of disaster recovery funds to Puerto Rico and the U.S. Virgin Islands.
Couch joined HUD as a career member of the senior executive service. He previously served as HUD’s general counsel from December 2006 to November 2008 where he acted as the chief legal advisor to the secretary, deputy secretary, and other principal staff, providing advice on federal laws, regulations, and policies affecting HUD programs. Couch also served as president of Ginnie Mae, commissioner on the Bipartisan Policy Center's Housing Commission, and as a member of President George W. Bush's Task Force on the Status of Puerto Rico.
He is also a former chairman and member of the Mortgage Bankers Association’s Board of Directors.
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