Yes, it is true. LSAC announced recently that they will begin making the LSAT available in Spanish, but only if you take the exam in Puerto Rico and are applying to law school in Puerto Rico.
Starting with the February 2014 LSAT, Puerto Rico test takers can take the LSAT in either English or Spanish. Test takers in locations outside of Puerto Rico will not be able to take the Spanish LSAT.
Scores from the Spanish-language version of the test can then be reported to three Puerto Rico law schools: the Inter American University School of Law, the Pontifical Catholic University of Puerto Rico School of Law, and the University of Puerto Rico School of Law. Those schools will continue to accept the tests of the English version of the LSAT as well. No school outside of Puerto Rico will accept the results of the Spanish LSAT, so the results are usable only for the three Puerto Rico law schools.
The one other point of note: the Spanish LSAT is that it will be scored differently than the English version of the LSAT.
Do you speak fluent Spanish but aren't sure about going to law school in Puerto Rico? Learn more about it here. Comments or questions? Please post them below!