Omar Marrero

Omar J. Marrero, Executive Director of the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, by its Spanish Acronym). >Carlos Rivera Giusti

While the Department of Economic Development still works on an inventory of all government-owned properties, the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, by its Spanish Acronym) published on Tuesday the Single Regulation for the Evaluation and Disposition of Government Real Estate Assets.

In a press release, the chairman of the Committee for the Evaluation and Disposition of Real Estate (CEDBI, by its Spanish Acronym) and executive director of AAFAF, Omar J. Marrero, explained that the purpose of the Single Regulation is to expedite and unify the different processes of disposition and transfer of government real estate, including unused school sites.

Marrero indicated that the Single Regulation consolidates two sets of rules to simplify procedures and establish a more efficient system with uniform parameters. In addition, it standardizes the requirements for the disposition and transfer of properties, including the management of proposal requests.

“This unique regulation will strengthen and guide the disposition of government assets with the purpose of bringing greater resources to the government's coffer and offer agility in favor of the applicants. It is our responsibility to create and promote efficient procedures in which the principles of competition, transparency, job creation, economic development and the revival of our real estate market prevail,” said Marrero.

With the publication of the regulation, a period of 30 days begins so that anyone can submit comments and suggestions writing to regulationscedbi@aafaf.pr.gov. The document is available for review on the AAFAF website: http://www.aafaf.pr.gov.

Marrero also indicated that to date, the CEDBI has evaluated more than 255 requests for lease, sale or transfer of the government-owned real estate. The proposals have been submitted by non-profit organizations, municipalities, government entities, and individuals. Of these, 180 are petitions for school sites.

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