Puerto Rico to get $18.5 billion to rebuild shattered housing market

Puerto Rico will receive $18.5 billion from the U.S. Department of Housing and Urban Development to help rebuild its battered housing stock and infrastructure after September's Hurricane Maria, the island's governor and HUD officials said on Tuesday. The funding for the U.S. territory was the largest grant in the history of the HUD, said HUD undersecretary Pamela Patenaude. HUD is awarding a total of roughly $28 billion to nine states, the U.S. Virgin Islands and Puerto Rico that have been recently affected by major disasters, including Hurricanes Irma, Harvey and Maria, as well as the recent California wildfires.

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