2005News

Funds for construction

Superintendent of Pensions, Persia Alvarez favors that RD$7 billion of the RD$18 billion deposited in pension plans be used to finance housing units. She explained that since the pension funds are long-term deposits, these are appropriate for mortgage financing. She explained, nevertheless, changes are needed so that the deeds allow this. She told the press that her department would work closely with the Superintendent of Banks and Superintendent of Values (Valores) to define the new real estate financing mechanisms.