MN Investments, LLC, a real estate company dedicated to the acquisition, renovation and management of multifamily properties, announced that it closed a $5 million financing facility with Parliament Capital Management, LLC that will allow the acceleration of its growth and expansion in the market. Currently, the company has a portfolio of 220 apartment units throughout […]
US Department of Agriculture Deputy Under Secretary for Rural Development Justin Maxson announced that the agency is seeking applications for grants to make housing repairs for low- and very-low-income rural residents. The grants are being provided through the USDA’s Housing Preservation Grant program. Luis R. García, acting State Director for Puerto Rico said eligible applicants […]
The Puerto Rico Housing and Human Development Trust (FIDEVI, in Spanish) awarded $50,000 to the Puerto Rico Volunteer Organization of Engineers and Professionals (VIPR, in Spanish) to support several housing assistance projects in southwestern Puerto Rico affected by the earthquakes that have occurred since 2020. A total of 100 families that have damaged homes due […]
The U.S. Department of Agriculture announced an extension of eviction and foreclosure moratoriums on USDA Single Family Housing Direct and Guaranteed loans through June 30, 2021. The actions announced will bring relief to at least 1,227 cases currently open in Puerto Rico, local agency officials announced. Of those, 617 cases are in foreclosure, 321 have […]
Puerto Rico’s housing market was improving prior to the COVID-19 pandemic, as reflected by price trends and sales in 2019, which were upward-bound due to a lack of available inventory. However, in general, prices have not recovered to pre-2007 levels and COVID-19 may slowdown the recovery process. Those were some of the conclusions of the […]
The El Zorzal Apartments has been included in a group of 46 affordable housing initiatives that will receive funding from the Federal Home Loan Bank of New York’s Affordable Housing Program (AHP), the stateside entity announced. The 24-unit, one-bedroom apartments reserved for the homeless, physically challenged, or mentally challenged population will get $703,540, José R. […]
ACRUVA Capital Partners announced it has entered the Puerto Rico market to lease, option, or buy land to develop affordable housing communities, as well as to acquire, rehabilitate and re-syndicate affordable housing communities in strategically selected markets. ACRUVA Capital Partners was formed as a joint venture with the support of Alliant Capital, its long-term financial […]
An alliance between the municipality of Rincón and Co-op Rincón will facilitate the financing of the development of affordable housing in that western town, via an investment that exceeds $8.7 million. The development of the Vista al Río urbanization, which will have 105 housing units, will have three construction phases, the first of which is […]
The Inter American University officially broke ground on its new $36.9 million student housing complex, which it will include in its internationalization plan of recruiting students from other countries to offer the opportunity of cultural and social exchange. The new residence hall to be located at the college’s San Juan metro campus, will address the […]
Puerto Rico’s housing market improved between 2017 and 2018, after recovering from the impact of Hurricane María, showing a 78% increase in new homes sale and an 17% increase in previously owned homes, a study by the Estudios Técnicos research firm showed. However, despite the current improvement, Puerto Rico’s housing market will have to create […]
By Jeniffer Wiscovitch-PadillaCenter for Investigative Journalism The U.S. Department of Housing and Urban Development’s Office of the Inspector General (HUD’s OIG) confirmed it is auditing the Community Development Block Grant–Disaster Recovery (CDBG–DR) Program funds granted to Puerto Rico after Hurricanes Irma and María. HUD Spokesman Darryl Madden told the Center for Investigative Journalism (CPI, for […]
The release of $1.5 billion in post-Hurricane María CDBG-DR reconstruction funds will spur a positive momentum in Puerto Rico’s economy, which should grow by 4.2 percent in fiscal year 2020, and will remain positive until 2022, according to new estimates by Estudios Técnicos Inc. “This week the [U.S.] Department of Housing announced the release of […]
The Puerto Rico Department of Housing and affordable housing developer, McCormack Baron Salazar, Inc., announced the closing on the financing and start of construction of a $130 million mixed-income housing in Caguas. Located on vacant land that was previously a public housing site, the new community includes housing options that are affordable to families and […]
Gov. Ricardo Rosselló announced the signing of an agreement between the Puerto Rico Department of Housing and Foundation for Puerto Rico to start administering the Community Resilience Program, which has a budget of $37.5 million.The funding comes from the Community Development Block Grant Program, which has set aside disaster recovery funds. The program’s priority are […]
The supplemental funding will help PHAs support existing and new families in the Housing Choice Voucher program who live in or around disaster areas, the agency stated.
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