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As of 2012, the real estate industry in Puerto Rico constituted about 14.8% of the gross domestic product of Puerto Rico, about 1% of all of the employee compensation on the island and, together with finance and insurance (FIRE), about 3.7% of all the employment on the jurisdiction. [a] [b] [c]
A number of laws of the United States providing for real estate grants or subsidies extend coverage to Puerto Rico:
Act 77 of 1964 regulates the business of real estate for companies headquartered inside Puerto Rico, while Act 45 of 1980 regulates those outside of Puerto Rico.
Law No. 21 of 20 May 1987, amended principally by Law No. 156 of 10 August 1988 and Law No. 22 of 16 July 1992. (23 L.P.R.A., Secs. 64 et seq.); Regulation No. 3843 of Traffic Control and public use of local streets.
In 1987, the Legislature approved Law No. 21 of 20 May to authorize developments and communities to control vehicular access for cars and public use of their residential streets, with the main purpose of providing citizens an additional tool for fighting crime and thus ensure their active cooperation in the fight against crime. The law also aims to improve the security and tranquility of communities so that residents can achieve healthy living and community interaction. The concept of Access Control implies that the public nature of residential streets is preserved, while residents are allowed to establish means for controlling vehicular traffic and public use, and thus ensure their own safety and cultivate an environment conducive to better living.
The Municipal Revenues Collection Center (CRIM in Spanish) was created in August 1991 as part of a municipal reform with the primary objective of increasing the powers and economic capacities of Puerto Rico's municipalities.
Reform (to assess or reinforce)
Land Registry Number. Identification number of a property for tax purposes. It includes Municipality, Town, Map, Apple, Parcel, Tenant and landlord class or structure. Example: 18-03-040-059-034-06-xxx.
HOME is a program established under Title II, also known as HOME Investment Partnerships Program , of the Cranston-Gonzalez National Affordable Housing Act. [2]
This program provides (1) liquid assets in the form of cash (equivalent numbers); and (2) special guidelines for state and municipal governments to design proprietary strategies to take care of the necessities and problems in housing areas as defined by the Comprehensive Housing Affordability Strategies approved by the U.S. Department of Housing and Urban Development in 1990.
Law No. 10 of 26 April 1994 was established to regulate the business profession of real estate specialists for the real estate industry of Puerto Rico.
The law countermands Law No. 139 of 14 June 1980 and Law No. 145 of 18 June 1980. It regulates the exercise of the profession of real estate broker in Puerto Rico and creates the Examining Board of Realtors. It also regulates transactions on the island by companies engaged in the sale of real estate located outside of Puerto Rico.
The Rule of Ethics (Reglamento de Ética) is a regulation to implement Law No. 10 of April 26, 1994, the law to regulate the real estate business and profession of broker, salesperson, and real estate companies in Puerto Rico.
The four (4) dalet regulations of April 3, 1997 established under the Roselló Administration:
The Horizontal Property Law (also known as Ley de Propiedad Horizontal or Ley de Condominios) was approved on April 5, 2003 under Law No. 103 established on 4 July 2003.
The zoning purpose of empowering market growth and urban development is a governmental power established under Executive order in conjunction with the Legislative and Judicial branches of Puerto Rico. Both the Puerto Rico Planning Board (Junta de Planificación de Puerto Rico) and Rules and Permits Administration (Administración de Reglamentos y Permisos - ARPE) act as two random variable agencies independent from each other to keep balances in check and delegate economic planning, land use zoning, and case-by-case permitting in Puerto Rico. Since the late 1900s, major townships have been taking over that role under their own jurisdiction; there is no compensation for any restrictions or limitations that zoning imposes on properties. The Puerto Rico Planning Board was created on May 12, 1942 during Rexford Tugwell's administration under Law No. 213 which converged centralized governmental planning with a New Deal philosophy under one American flag. It was later reorganized by Law No. 75 of June 24, 1975.
On June 29, 2010, the Governor of Puerto Rico signed a bill transferring thirty (30) installations to municipalities including postmodern art space, an emphasis on security, and Head Start centers with contemporary health amenities. According to Luis Fortuño, the municipalities receiving the properties were Barceloneta, Caguas, Cidra, Comerío, Guayama, Gurabo, Humacao, Juncos, Lajas, Lares, Morovis, Naguabo, Peñuelas, Ponce, Salinas, San Lorenzo, San Sebastián, Yabucoa and Yauco. He also transferred the administration of the Yabucoa Diagnostic and Treatment Center to that municipality. According to the new law, the municipal authority should cede its jurisdiction, in case of jurisdictional conflict, to the state authority in order to limit the violations of municipal laws from police action. [3]
During the month of August 2010, Luis Fortuño implemented a real estate / market plan (HS 2011) to reduce a large inventory of 20,000 unsold new homes. [4]
In urban planning, zoning is a method in which a municipality or other tier of government divides land into "zones", each of which has a set of regulations for new development that differs from other zones. Zones may be defined for a single use, they may combine several compatible activities by use, or in the case of form-based zoning, the differing regulations may govern the density, size and shape of allowed buildings whatever their use. The planning rules for each zone determine whether planning permission for a given development may be granted. Zoning may specify a variety of outright and conditional uses of land. It may indicate the size and dimensions of lots that land may be subdivided into, or the form and scale of buildings. These guidelines are set in order to guide urban growth and development.
The government of the Commonwealth of Puerto Rico is a republican democracy established by the Constitution of Puerto Rico in 1952. Under a system of separation of powers, the government is divided among three branches: the executive, the legislative, and the judicial. As a territory of the United States, the government of Puerto Rico is under the jurisdiction of the federal government of the United States.
A property tax is an ad valorem tax on the value of a property.
A condominium is an ownership regime in which a building is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners. These individual units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium" is mostly used in the US and Canada, but similar arrangements are used in many other countries under different names.
A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, studios, warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate. REITs act as a bridge between the worlds of housing and urban development on one hand, and institutional investors and financial markets on the other. They are typically categorized into commercial REITs (C-REITs) and residential REITs (R-REITs), with the latter focusing on housing assets such as apartments and single-family homes.
A by-law, is a set of rules or law established by an organization or community so as to regulate itself, as allowed or provided for by some higher authority. The higher authority, generally a legislature or some other government body, establishes the degree of control that the by-laws may exercise. By-laws may be established by entities such as a business corporation, a neighbourhood association, or depending on the jurisdiction, a municipality.
A building code is a set of rules that specify the standards for construction objects such as buildings and non-building structures. Buildings must conform to the code to obtain planning permission, usually from a local council. The main purpose of building codes is to protect public health, safety and general welfare as they relate to the construction and occupancy of buildings and structures — for example, the building codes in many countries require engineers to consider the effects of soil liquefaction in the design of new buildings. The building code becomes law of a particular jurisdiction when formally enacted by the appropriate governmental or private authority.
Inclusionary zoning (IZ) is municipal and county planning ordinances that require or provide incentives when a given percentage of units in a new housing development be affordable by people with low to moderate incomes. Such housing is known as inclusionary housing. The term inclusionary zoning indicates that these ordinances seek to counter exclusionary zoning practices, which exclude low-cost housing from a municipality through the zoning code. Non-profit affordable housing developers build 100% of their units as affordable, but need significant taxpayer subsidies for this model to work. Inclusionary zoning allows municipalities to have new affordable housing constructed without taxpayer subsidies. In order to encourage for-profit developers to build projects that include affordable units, cities often allow developers to build more total units than their zoning laws currently allow so that there will be enough profit generating market-rate units to offset the losses from the below market-rate units and still allow the project to be financially feasible. Inclusionary zoning can be mandatory or voluntary, though the great majority of units have been built as a result of mandatory programmes. There are variations among the set-aside requirements, affordability levels, and length of time the unit is deed-restricted as affordable housing.
Luis Guillermo Fortuño Burset is a Puerto Rican politician who served as the governor of Puerto Rico, an unincorporated territory of the United States, from 2009 to 2013.
Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of management in any business.
The Boston Planning & Development Agency (BPDA), formerly the Boston Redevelopment Authority (BRA), is a Massachusetts public agency that serves as the municipal planning and development agency for Boston, working on both housing and commercial developments.
Secondary suites (also known as accessory dwelling units (ADU), in-law apartments, granny flats, granny annexes or garden suites) are self-contained apartments, cottages, or small residential units, that are located on a property that has a separate main, single-family home, duplex, or other residential unit. In some cases, the ADU or in-law is attached to the principal dwelling or is an entirely separate unit, located above a garage, across a carport, or in the backyard on the same property. Reasons for wanting to add a secondary suite to a property may be to receive additional income, provide social and personal support to a family member, or obtain greater security.
Zoning is a law that divides a jurisdiction's land into districts, or zones, and limits how land in each district can be used. In the United States, zoning includes various land use laws enforced through the police power rights of state governments and local governments to exercise authority over privately owned real property.
The Internal Revenue Code of Puerto Rico is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering income taxes, payroll taxes, gift taxes, estate taxes, and statutory excise taxes.
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism. The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry.
Exclusionary zoning is the use of zoning ordinances to exclude certain types of land uses from a given community, especially to regulate racial and economic diversity. In the United States, exclusionary zoning ordinances are standard in almost all communities. Exclusionary zoning was introduced in the early 1900s, typically to prevent racial and ethnic minorities from moving into middle- and upper-class neighborhoods. Municipalities use zoning to limit population density, such as by prohibiting multi-family residential dwellings or setting minimum lot size requirements. These ordinances raise costs, making it less likely that lower-income groups will move in. Development fees for variance, a building permit, a certificate of occupancy, a filing (legal) cost, special permits and planned-unit development applications for new housing also raise prices to levels inaccessible for lower income people.
San Antón is one of the 31 barrios of the municipality of Ponce, Puerto Rico. Along with Canas Urbano, Machuelo Abajo, Magueyes Urbano, and Portugués Urbano, San Antón is one of the municipality's five originally rural barrios that are now also part of the urban zone of the city of Ponce. It is totally enclosed within the Ponce city limits. It was founded in 1818.
Bill 28, the Miscellaneous Statutes Amendment Act, 2016, is a British Columbian law that came into force on August 2, 2016. The law was introduced after calls urging the British Columbia provincial government to intervene in the housing market and curb foreign investment that was seen as a major contributor to the rapid rise in home prices.
Yabucoa barrio-pueblo is a barrio and the administrative center (seat) of Yabucoa, a municipality of Puerto Rico. Its population in 2010 was 2,593.
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