Work with PRDOH to determine whether its current method of measuring how many applicants purchased their home through the program is the best way to measure the HBA program’s impact.
Publication Report
2024-FW-1003 | March 19, 2024
The Puerto Rico Housing Finance Authority’s Homebuyer Assistance Program Positively Impacted Participants but May Not Have Distributed Disaster Recovery Funds Equitably
We audited the Puerto Rico Housing Finance Authority’s (PRHFA) Homebuyer Assistance Program (HBA), which provides eligible applicants with closing costs and downpayment assistance for the purchase of a primary residence. The U.S. Department of… moreRelated Recommendations
Community Planning and Development
Based on the results of recommendation 1A, update the HBA guidelines and the Puerto Rico disaster recovery action plan.
- Status2024-FW-1003-002-AOpenClosed
Instruct PRDOH and PRHFA to develop and implement clear and consistent guidelines and procedures that establish a verifiable methodology for determining the amount of financial awards granted to eligible HBA participants.
- Status2024-FW-1003-002-BOpenClosed
Include, as part of the revised procedures, a requirement to document within each case in SSP a detailed (1) calculation of the household income and (2) the analysis and computations conducted by the PRHFA underwriter for determining the amount of the financial assistance award.
- Status2024-FW-1003-002-COpenClosed
Instruct PRDOH and PRHFA to provide training and guidance to participating lending institutions related to the updated guidelines and procedures for determining the financial award granted to HBA participants to ensure that program funds are distributed in an equitable manner.