FirstBank OKs $27.5M in financing for Brisas del Mar Village
The 123 single-family housing rental units will be built in Guayama.
FirstBank announced it has approved a $27.5 million credit line for the construction of Brisas del Mar Village, a 123 single-family housing project for low-income families in Barrio Machete, Guayama.
“At FirstBank, our commitment is to continue creating housing that not only gives low-income people a residence, but one that is part of an eco-friendly community that allows them to save on energy costs and water consumption,” said Michael McDonald, director of FirstBank’s Business Group. “For this reason, we’re reiterating our commitment and satisfaction in supporting development projects such as this one, which is an example of thoughtful and careful planning.”
Brisas del Mar Village, which is in its initial construction stages, will consist of 123 independent units: 98 three-bedroom/two-bathroom units and 25 two-bedroom/one-bathroom units), all with covered carports.
Twelve percent of the project’s units will be accessible to people with mobility problems, and 3% will be designed for those with sensory disabilities. The units will include features to meet sustainability requirements, such as Energy Star-certified electrical and plumbing equipment and a recycling program.
In addition, all the units will have a 6-kilowatt (kW) solar-powered energy generation system and special thermal construction materials to promote sustainability, ensuring that residents will not have to pay for electricity.
The project will also feature a community pool, gazebo, basketball court, soccer field, community center, computer room for supervised studies and tutorials, laundry facilities, a small public plaza, an exercise room, a passive recreational area, and an equipped playground.
Funding for the project’s construction was generated in part through the Internal Revenue Code’s Section 42 Low Income Housing Tax Credit and Community Development Block Grant – Disaster Recovery (CDBG-DR) federal reconstruction funds.
Housing at Brisas del Mar Village also qualifies for various rental subsidy programs under the U.S. Department of Housing and Urban Development (HUD) income requirements for affordable housing and is administered by the Puerto Rico Department of Housing. HUD’s Section 8 housing vouchers will also be accepted.
