The Puerto Rico Housing Finance Authority announced its support of the Haciendas Village social-interest housing complex in Caguas, to be developed at a cost of $20.8 million.
The 91-unit planned community will be located in the Tomás de Castro sector of the town and will be the first to be built with solar panels to generate enough energy for the entire project, said Carlos García, president of CCAM Developers LLC.
The Haciendas Village project will take 24 months to complete Haciendas Village is also the first project on the island to get approval from its design phase to participate in the Puerto Rico Electric Power Authority’s net metering program, Luis Burdiel, head the Housing Finance Authority, said.
“We continue using the funding and tax credits tools available to encourage the development of new projects to increase the availability of housing for low-income residents,” he said.
The Housing Finance Authority granted $17.2 million in tax credits to the project, as well as $3.3 million in HOME Program funds. Similarly, the developer obtained short-term financing for the project from the agency.
The social-interest units will do not offer subsidized rent. Each residence will feature three bedrooms and will be equipped with appliances such as an electric stove, refrigerator, and water heater. They will also be outfitted with smoke detectors. The complex will have 112 parking spaces.