Metropolis Apartments, a new, 185-apartment building in the heart of Hato Rey, was officially inaugurated Tuesday to offer social-interest housing opportunities for the next 30 years.
The high-rise was originally built as a private apartment building, but was converted so that apartments can now be rented to low-income families, in exchange for federal housing credits of $4.2 million a year granted to developer Metropolis Apartments LLC. for the next 10 years.
“It’s the first time that the concept of a project for private sale during construction has been changed to one for rental to low income familes with unique qualifications through the federal program that provides tax credits to build rental housing for low-income families, a program administered by the Housing Finance Authority,” said Carlos García-Muñiz, president of SP Management, which oversees the project.
The Metropolis building was conceived four years ago and is now responding to the needs of people over 60 and families that qualify for Section 8 benefits. Each apartment comes with a fridge, stove with oven, water heater and two parking spaces per dwelling. The building has access to hospitals, the Urban Train, universities and schools.
The Housing Finance Authority will be in charge of choosing the tenants.