In an attempt to stimulate the housing market and make it more attractive for would-be homebuyers, Gov. Luis Fortuño has proposed several ambitious plans to help rescue the housing market. Capturing the attention of most is the "Estímulo de Vivienda 2011" ("The 2011 Housing Stimulus"). Those who purchase a property between Sept. 1st, 2010 and June, 30th, 2011, would be able to take advantage of the following:
- Zero payment of municipal property taxes (CRIM) for five years.
- If puchasing a newly constructed home, the purchaser would also be exempt from paying most bureaucratic costs, the so-called "stamps and seals" ("sellos y comprobantes").
- Those purchasing an existing home will be exempted from paying 50% of the stamps and seals. This could save homebuyers thousands of dollars, depending on the value of the property.