The Monetary Board has authorized the Central Bank to implement a mechanism whereby RD$10 billion of bank reserves will be made available for financing of low cost housing under Trust Law 189-11. The fund would enable low-interest loans to be granted at long terms. The funds would provide loans at 6% to builders, and homebuyers would have access to loans of up to RD$2.4 million at interest rates of a maximum 8% and 20-year terms.
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