How Law 182-2024 Could Transform Puerto Rico's Urban Center

In 2024, Puerto Rico approved Law 182-2024. The goal is simple but important: fix abandoned buildings and turn them into affordable homes. 

Puerto Rico, like many places, needs more affordable housing. This law could help a lot. But there have been some delays. The Fiscal Oversight Board says the law might cause big money problems. So, lawmakers are working on a fix called Project 359 (PC 359). 

This blog explains what’s happening and how DEV Builders Group can help you succeed.

What is Law 182-2024?

Law 182-2024 was created to make it easier for builders and investors to bring new life to abandoned buildings.

Many urban centers in Puerto Rico have empty, run-down properties. These places hurt communities. They make neighborhoods less safe and drive people away.

Under Law 182-2024, builders can get big tax breaks if they fix these properties. The idea is to create more affordable housing while cleaning up towns and cities.

The law offers a 40% tax credit for developers. This makes it cheaper and less risky to invest in fixing old buildings.

But there’s a problem. The Fiscal Oversight Board said the law could cost the government too much money. They worry about lost taxes.

Because of this, the law is not active yet. Lawmakers are working on changes to make it better and safer for the economy.

What is Project 359?

Project 359 (PC 359) is the new plan to fix Law 182-2024. It’s still being discussed, but here are the main changes:

• More Time: Builders would have until June 30, 2026, to apply for the incentives. Originally, the deadline was December 31, 2025.

• Longer to Use Tax Credits: Right now, builders only have two years to use the tax credits. Project 359 would give them five years.

• Clearer Rules: The project would clearly define who qualifies and how the process works.

These changes make the law more realistic. They give developers more time and make the financial risks smaller.

Most important, they move Puerto Rico closer to solving the affordable housing crisis.

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Why Affordable Housing is Critical

Puerto Rico has seen a huge rise in housing costs. Many families can’t afford to buy or rent homes anymore.

Revitalizing abandoned spaces could change that. It’s good for families. It’s good for communities. And it’s good for Puerto Rico’s economy.

Affordable housing attracts workers, grows local businesses, and strengthens neighborhoods. Law 182-2024, with the fixes from PC 359, could be a big part of the solution.

Why Permits and Bureaucracy Are a Major Challenge

Even with a good law, building in Puerto Rico can be complicated. Getting permits takes time. Rules can be confusing. Mistakes can cause costly delays. That’s why working with an experienced partner is important.

And that’s where DEV Builders Group comes in.

How DEV Builders Group Helps You Succeed

At DEV Builders Group, we don’t just build projects—we build lasting relationships. Our clients trust us because we handle everything, making complicated processes simple and stress-free.

Here’s how we help:

• Permit Management: We know the local system inside and out. We handle all the paperwork so you don’t have to.

• Government Compliance: Our team stays up to date with all new laws, including Law 182-2024 and PC 359.

• Premium, White-Glove Service: We believe our clients deserve the best. Our concierge-level service means we manage every detail for you.

• Construction Expertise: With over 20 years of experience, we deliver beautiful, durable projects on time and within budget.

• Maintenance and Support: We’re still there for you even after the project is complete. We offer maintenance services that keep your property in top shape.

At DEV Builders Group, we are not just your builder. We are your partner from start to finish and beyond.

Real-World Success: Our Track Record

We have completed many high-quality projects across Puerto Rico.

From the Lexus Showroom in San Juan to Ron del Barrilito’s Visitor Center, we have helped bring visions to life.

Our portfolio shows our commitment to excellence and our ability to handle complex builds, refurbishments, and maintenance with precision.

When you work with DEV Builders Group, you get a team that understands Puerto Rico’s unique challenges—and knows how to overcome them.

Why Choose DEV Builders Group?

We handle it all: Permits, inspections, cost controls, schedules, compliance—you name it.

We understand local laws: Including new initiatives like Law 182-2024 and Project 359.

We provide concierge service: You get personal attention from start to finish.

We deliver quality: High-end results that stand the test of time.

We stay with you: Offering maintenance and additional services after construction.

When others leave after the ribbon-cutting, DEV Builders Group stays. Your success is our success.

Conclusion: Opportunity is Knocking

Law 182-2024, combined with Project 359, is a rare opportunity to make a difference in Puerto Rico. Revitalizing abandoned buildings will bring new life to our cities and towns. Affordable housing is needed now more than ever.

But success takes more than a good idea. It takes knowledge, experience, and a partner you can trust.

That’s DEV Builders Group.

If you’re ready to take part in Puerto Rico’s revitalization, contact us today.

Let’s build something lasting—together.

Sources:

• LexJuris: Law 182-2024 Overview

• Platea PR: PC 359 Explained

• Fiscal Oversight Board: Legislative Review Process

• Liga de Ciudades PR: Urban Renewal Efforts

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