PathStone, a nonprofit organization, recently inaugurated “Valle Dorado,” a senior housing building with an associated $6.5 million investment in the town of Utuado.
The project developed by Pathstone includes 32 one-bedroom apartments and is the first elderly housing building located in the mountain town, right at the town center entrance, said María G. Rodríguez Collazo, director of Pathstone’s Housing Program.
The U.S. Department of Housing and Urban Development (HUD) granted PathStone a $5.3 million subsidy under Section 202: Supportive Housing for the Elderly Program to finance the project’s construction. HUD will provide Rental Assistance contracts for all units.
Valle Dorado also received financial assistance from the Puerto Rico Housing Finance Authority’s HOME Program, Popular Bank of Puerto Rico, the Federal Home Loan Bank of New York (FHLBNY) and the Puerto Rico Housing & Human Development Trust Fund, Rodríguez-Collazo said.
“At PathStone we are putting forth our best efforts and commitment in designing and developing affordable housing for the elderly who live on a limited budget; apartment communities that are safe, comfortable and pleasant for a better quality of life,” she said.
“We’re very grateful for the help and collaboration received from the federal and state agencies that made possible the construction of Valle Dorado,” Rodríguez-Collazo added.
Valle Dorado’s facilities comply with rigorous safety regulations that facilitate independent living. It has a community room, laundry, administrative office, support, and health services. During the construction stage, the project generated 101 direct and indirect jobs, including six women and one hard-of-hearing worker.
Meanwhile, Puerto Rico HUD Field Office Director Efraín Maldonado said with this project in Utuado, HUD plans to address the central region market in the island, repopulate the urban centers and stimulate the local economy.
“With assets of almost $6 million for Valle Dorado, HUD supports an increase in affordable housing for the elderly. Our work and resources continue strengthening the quality of life in Puerto Rico and giving opportunities for those who most need it,” he declared.
Meanwhile, FHLBNY President José R. González, said “working to improve access to affordable housing in the communities we operate in is a commitment we share with our member banks.”
PathStone’s mission is helping low-income communities and people find affordable housing, employment, small business financing and education. Since 2006, the corporation has completed several social interest housing projects in Puerto Rico, amongst them, Portal de San Germán, Alturas de Castañer, Parque Platino, Vistas de Castañer and Villas de Diego Hernández. Pathstone has also developed more than 5,000 units in the United States mainland.