Housing Finance Authority unveils $56M financing for Cupey project
The Housing Finance Authority (AFV, in Spanish) announced that the public corporation granted financing for $56 million for the development of the Ensueño project in Cupey, under the CDBG-DR program of the Low-Income Housing Tax Credits.
The AFV also mentioned that this project is achieved with the contribution of $36.9 million in CDBG-DR funds and $19.4 million in capital of federal tax credits.
“We are pleased to grant the necessary financing to make this project viable and that more Puerto Ricans have the opportunity to obtain a decent and safe home,” said the executive director of the AFV, Blanca Fernández-González.
The financing granted for the development of the Ensueño project will enable the new construction of 89 single-family residences of one level with three bedrooms and two bathrooms.
The total construction area of each dwelling is 1,465 square feet with a living area of 1,149 square feet.
“Since the arrival of the recovery funds we have prioritized access to a safe home for those most in need,” said the Housing Secretary William Rodríguez-Rodríguez.
“Likewise, we have established a plan for the continued development of low-cost rental housing to increase the inventory of units today,” said Rodríguez.
“With this signing, the Ensueño project will receive more than $36 million in CDBG-DR funds, which will allow construction to begin soon and fulfill our goal of a safe home for more Puerto Rican families,” added Rodríguez.
Each housing unit will have infrastructure for broadband internet connection, solar panels, cistern, “Energy Star” rated electrical appliances, smoke detectors, solar heaters as well as plumbing and bathroom fixtures designed to yield greater efficiency in water use.
The project will also have controlled access, multi-purpose room, recreational area for children and garden area for passive recreation.
The design of Ensueño, prepared by the firm A.C.C. Architects, PSC, complies with the standards of Edificio Verde (ICC 700 – Silver Level), as well as the accessibility requirements under the American with Disabilities Act, the agency noted.
The Ensueño project of single-family homes developed by RG Housing Group of Companies Corp.
