Housing Finance Authority grants $3.6M for residential complex in Lajas
The Housing Finance Authority has granted nearly $3.6 million in financing for the development of the Estancias del Parra II extension project in the municipality of Lajas, agency Executive Director Blanca Fernández-González announced.
“In compliance with Gov. Pedro R. Pierluisi’s public policy of contributing to the development of affordable housing for moderate-income families, we have granted the financing so that this important project can be completed and satisfy the demand for housing in this area of the island’s southwest region,” she said.
The financing granted will be to purchase and complete the development of 45 units of the Estancias del Parra II Extension Project and buy a plot of land for possible future development of additional units. The 45 units consist of 38 three-bedroom, two-bath units and seven three-bedroom, one-bath units.
“By providing this financing, the HFA is helping to carry out the direct and indirect work necessary to complete this project and contribute to the housing inventory,” Fernández-González said.
Meanwhile, the developer of the project, Ramón Misla, said it “will provide an excellent housing option, mainly for families that are still suffering the consequences caused by Hurricane María as well as the earthquakes that affected the entire southwestern area.”
“In addition, it represents a new beginning of housing development in the area, at an ideal time where buyers have low-interest mortgage financing alternatives and incentive programs,” he said.
The single-family housing project is aimed at moderate-income families in Lajas and neighboring areas.
This financing was facilitated by the HFA’s multi-family projects division.