FirstBank finances $75M for Valley Village housing project in Santa Isabel
The $150 million project in Puerto Rico will include 292 units and sustainable design, with completion set for 2028.
FirstBank announced it is providing $75 million in financing for Valley Village, a new housing development in Santa Isabel that will offer 292 rental units for low- and moderate-income families and incorporate sustainable design features.
The project is being developed by García Development Group and will integrate renewable energy systems, high-efficiency equipment and water conservation measures in all units.
“At FirstBank, we believe in promoting projects that add real value to the island’s economy while supporting Puerto Rico’s families and promoting sustainable development,” said Michael McDonald, business director at FirstBank. “We’re proud to support initiatives like Valley Village, which is an example of thoughtful planning that combines affordable housing with eco-friendly solutions.”
Valley Village will include 212 three-bedroom, two-bathroom units and 80 two-bedroom, one-bathroom units. All homes will feature high-efficiency electrical equipment, solar panels and water conservation systems.
The development, located on PR-545 in the Descalabrado sector of Santa Isabel, will also include amenities such as a pool, community center with computers, gym, laundromat, basketball and soccer courts, and recreational parks.
The project is funded in part by $107.6 million in Community Development Block Grant–Disaster Recovery (CDBG-DR) funds and Section 42 Low Income Housing Tax Credits (LIHTC), and will also accept housing vouchers under the U.S. Department of Housing and Urban Development (HUD) Section 8 program.
“This project reflects our government’s commitment to the efficient use of recovery funds, providing housing opportunities for our families in Santa Isabel,” said Gov. Jenniffer González during a groundbreaking ceremony last week. “The LIHTC program represents a vital tool to boost Puerto Rico’s recovery.”
The development is being carried out by Jacarandas Village Holdings LLC, with construction by Bird Construction Group and architectural design by ACC Architects. Completion is expected by April 2028.
The housing complex is designed to meet ICC 700 Green Building certification standards and aligns with Santa Isabel’s strategic housing plan.
Puerto Rico Housing Finance Authority Director Ricardo Álvarez-Barreto described the project as “a concrete example of how CDBG-DR recovery funds are transforming Puerto Rico,” citing job creation and environmental benefits.
According to the agency, seven LIHTC–CDBG-DR projects have been completed to date, with 15 more currently under construction across the island.
