Puerto Rico’s demographics have significantly influenced its housing market in recent years and it is expected to continue playing a crucial role in the future of the local housing market, according to the findings of the “Puerto Rico Housing Market Outlook 2011-2015” study revealed Wednesday by the Puerto Rico Bankers Association.
The central mountain town of Utuado will become home to the island’s first affordable, eco-friendly elderly home, which is slated to begin construction in January 2013, at a cost of $5.2 million, representatives of the nonprofit developer in charge of the project, Pathstone CDC de Puerto Rico, announced this week.
The Puerto Rico Housing Finance Authority in partnership with Citi Community Capital, a department of Citigroup’s Municipal Securities Division, has created a $45 million revolving loan fund that will provide capital for the construction of for-sale single- and multifamily-homes for low and moderate income residents of Puerto Rico, government officials announced Thursday.
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