Hector Galván, a Dominican consul based at the New York City consulate, explained that Dominican residents abroad will be able to benefit from the special program, Viviendas para los Dominicanos Residentes en el Exterior (Invidorex). The program will make it easy for Dominicans who live abroad to purchase their future home in the DR. He said that homes are financed by the Greyston Corporation of New York that is contributing US$50 million to a pool of Dominican banks through a letter of credit. He said that the local banks that are participating in the program are the Banco Gerencial y Fiduciario, Banco de Reservas, Baninter, Banco BHD, Banco Popular, Asociación Popular de Ahorros y Préstamos and the Asociación Nacional de Ahorros y Préstamos. Down payments will be around US$6,000 for the 108 to 145 meter sized homes. The first 400 dwellings of the project, that is going up at Km. 13 of the Las Americas Highway, near the V Centenario Horse Race Track, will be ready in November. Plans are to complete an additional 400 homes every four months thereafter for 1,373 homes in the first phase.
