Puerto Rico's power problem.

Puerto Rico will get $18.5 billion to revive its housing industry

$18.5 billion

Puerto Rico will receive $18.5 billion in funding from the US Department of Housing and Urban Development, reportedly the agency’s largest grant offered to date.

Published   |  Photo by Reuters/Carlos Garcia Rawlins
Puerto Rico's power problem.
$18.5 billion

It’s also substantially less than the $46 billion requested by governor Ricardo Rossello in the wake of Hurricane Maria and the 2017 Atlantic hurricane season.

Puerto Rico's power problem.
$18.5 billion

HUD will issue $28 billion to nine US states, the Virgin Islands, and Puerto Rico. Out of $90 billion in disaster aid approved by the US, the Virgin Islands will receive a mere $1.6 billion.

Puerto Rico's power problem.
$18.5 billion

As Reuters notes, the aid won’t do too much to alleviate against Puerto Rico’s financial situation. At a 50% poverty rate, the US territory struggled long before Maria hit and now owes creditors $120 billion in debt.

Puerto Rico's power problem.
$18.5 billion

Although Puerto Rico expects to get $50 billion in aid—mostly from FEMA—over the next six years, recent documents have pointed to distinct bias in post-disaster aid.

Puerto Rico's power problem.
$18.5 billion

Critics cite extreme delays in aiding the island, with supplies and key staff deployed in Houston, Texas long after the region had stabilized following Hurricane Harvey.

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