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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.

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… more

Related Recommendations

Community Planning and Development

  •  
    Status
      Open
      Closed
    2024-FW-1003-001-A
    Closed on July 02, 2024

    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.

  •  
    Status
      Open
      Closed
    2024-FW-1003-001-B
    Closed on July 17, 2024

    Based on the results of recommendation 1A, update the HBA guidelines and the Puerto Rico disaster recovery action plan.

  •  
    Status
      Open
      Closed
    2024-FW-1003-002-A

    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.

  •  
    Status
      Open
      Closed
    2024-FW-1003-002-B

    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.