2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 3 - General Provisions (§§ 621-639 — 1100a) › Chapter 90A - Special Communities Perpetual Trust (§§ 971 — 971l) › § 971g - Powers

The trust shall have and may exercise all the rights and powers that are necessary and convenient to achieve its purposes, including the following:
(a) Have perpetual continuity as a corporation.
(b) Adopt an official seal and alter the same at its convenience.
(c) Sue and be sued under its own name, and charge and be charged.
(d) Draft, adopt, amend and repeal statutes for the administration of its affairs and those standards, rules and regulations that may be necessary or pertinent to exercise and carry out its functions, powers and duties.
(e) Acquire real and movable property by any legitimate means, including concessions, gifts, purchases, legacies or donations and to possess and exercise all property rights over the same, as well as to dispose of said property.
(f) Obtain monies through loans and issue bonds of the trust in order to provide funds to pay the cost of acquiring any property for the trust or to achieve any of its purposes or in order to refinance, pay or redeem any of its outstanding bonds or obligations and may to guarantee the payment of its bonds and all and any of its obligations through assignment, pignoration, or mortgaging or any other lien on all or any of its contracts, revenues, income or properties.
(g) Grant financing, through the delegation of funds, service contracts or donations of any other kind to individual or juridical persons that provide handling, support and technical assistance for the development of works and projects in the special communities, as established through regulations.
(h) Provide financial or any other kind of assistance to Government agencies and instrumentalities in order to foster and pay for the development of the special communities infrastructure.
(i) Grant personal or mortgage secured loans to the residents of the special communities for the purchase, construction or rehabilitation of the home of said residents of the special communities, provided said loans are evinced by notes or certified documents which acknowledge said debt.
(j) Grant the residents of the special communities, personal loans or mortgage-secured loans for them to develop economic projects located in said special communities, provided said loans are backed by notes or certified documents which acknowledge said debt. An economic project shall be understood to be any self executive financial initiative.
(k) Receive managerial, technical and administrative assistance and contract for such purpose.
(l) Invest its funds, as authorized through a resolution of the Board and subject to any restriction and limitation pursuant to §§ 1261–1263 of Title 7.
(m) Negotiate and execute, with any person, including any federal or Commonwealth government agency, any type of contract and all those instruments and agreements necessary or convenient to exercise the powers and functions conferred to the trust by this chapter.
(n) Exercise all powers inherent to the functions, prerogatives and responsibilities conferred by this chapter, exercise those other powers conferred by any other applicable law, as well as take any action or carry out any activity that is necessary or convenient for its purposes.
(ñ) Grant donations to residents of the special communities which shall not exceed $15,000, to be used for the purchase, construction or rehabilitation of the dwelling in which they live and of which they are the owners; being it understood that the disbursement shall never be made directly to the resident. The Trust shall establish the requirements and norms for the granting of the donations to low income persons and shall make the donation upon verification of the use to be made of the donation granted.
History —Nov. 21, 2002, No. 271, § 9; Sept. 23, 2004, No. 473, § 1.