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Gov’t unveils $34M Diego Village multifamily housing complex in Río Piedras

Puerto Rico and federal government officials unveiled plans for the De Diego Village, a $34 million affordable and multifamily housing complex to be located in the Río Piedras urban center that will include a commercial area to promote the revitalization of the once active area of San Juan.

The investment includes $18.1 million in Community Development Block Grant (CDBG) Program, plus another $15.8 million in approved CBDG-DR Gap to Low Income Housing Tax Credits Program, which provides incentives required to stimulate development and boost current inventory with new, resilient and affordable rental housing, Gov. Wanda Vázquez said.

The LITHC program has a $413 million allocation and is administered by the Puerto Rico Housing Finance Authority with the goal of benefiting low and moderate income people, government officials said.

“This new construction project is part of our commitment to the socio-economic revitalization of the Río Piedras district,” the governor said. “These urban areas have a lot to offer and De Diego Village arrives to encourage the creation of new businesses or recreational areas for the enjoyment of its residents.”

With a construction area of 4,898,728 meters, De Diego Village will comprise 94 new apartment units of one, two or three bedrooms, distributed in two 10-story buildings. Of that total, 22 units will be designated as accessible for mobility and two units with sensory accessibility.

Located in building 61 of Calle De Diego in Río Piedras, the project will include an open plaza, playground, parking, solar panels, drinking water cistern, fire protection cistern, gym, power generator, activity room, conference area, elevators, offices and laundry facilities.

In addition, the project will include the installation of broadband infrastructure, as required by the U.S. Department of Housing and Urban Development, to reduce the digital divide in mixed-income communities, government officials said.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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