Alameda Towers get $110M facelift with local, federal funding
The project will modernize 300 units for low- and moderate-income families.
The Alameda Towers I and II housing complex in San Juan will undergo a $110 million renovation, government officials announced.
Gov. Pedro Pierluisi stated that the funding includes about $85 million in federal funds from the Community Development Block Grant – Disaster Recovery (CDBG-DR) Gap Program and Low-Income Housing Tax Credits (LIHTC).
“This multi-family housing project is aimed at low- and moderate-income families and consists of the reconstruction and modernization of 300 one-, two-, three- and even four-bedroom units that will now comply with current building codes. This complex was originally built in 1970, so the rehabilitation work is substantial,” Pierluisi said.
Each tower will feature a potable water cistern, fire protection cistern, backup generator, gymnasium, basketball court, bicycle storage facilities, two elevators, community activity center, lounge and laundry.
The complex will also include an open plaza, an administrative building, access control and 305 parking spaces. The 300 apartments will be fully remodeled with sustainability features such as water-efficient fixtures, energy-efficient lighting, ceiling fans, appliances and solar heaters that meet the Green Energy Building Standard.
Puerto Rico Housing Secretary William Rodríguez stated that through the LIHTC program “we have completed six affordable housing projects, adding a total of 851 units to the market. Currently, there are 11 other projects under construction around the island, which will add thousands of housing units to the existing inventory, so that eligible Puerto Rican families have a safe home. The recovery funds continue to fulfill the purpose for which they were assigned.”
LIHTC provides developers with federal tax credits to offset construction costs by reserving certain rental units for low-income households.
“Alameda Towers is part of the comprehensive range of affordable housing projects that we have been developing with the LIHTC Federal Tax Credit Program. In the coming months, projects with more than 3,100 additional homes will be completed,” Pierluisi said.
“This means that we will have increased the rental housing inventory by almost 4,000 units, along with another 3,000 homes in projects planned for sale, which are also on track,” he added.
The LIHTC also stimulates the development and restoration of new or rehabilitated, strong, safe and affordable housing following hurricanes Irma and Maria.
“The allocation of CDBG-DR Funds to Alameda Towers I & II in San Juan represents a significant advance in our mission to provide safe and affordable housing,” said Blanca Fernández-González, the executive director of the Puerto Rico Housing Finance Authority.
“This project adds to a series of important initiatives underway and already completed that continue to provide great value to our communities. We’re proud to promote the well-being of Puerto Rican families through housing development,” she said.
