Deputy Minister Camel Curi Lora of the Ministry of the Presidency announced the “Happy Family” (Familia Feliz) housing program. The plan will kick off with the construction of 11,000 dwellings in its first year and another 17,000 housing units through 2024. The plan is to build 62,000 new dwellings.
The government says that low-cost loans will be available for the purchase of homes in government housing projects. The program has a fund of around US$200 million for housing.
There will be several levels of cost of dwellings for purchase:
RD$800,000 for families with a consolidated income of RD$16,000 per month. Down payments would be RD$20,000 and monthly mortgage of RD$3,600.
RD$1.4 million for families with income of RD$26,000 per month
RD$90,000 with financing from the private sector, with a government bond.
The low-cost mortgages target families in urban renewal areas, low income families and those whose homes have been affeced by natural disasters.
He explained that families with special conditions, such as disabilities, single mothers, abused women and union members, will be included in the social improvement programs.
Through the National Housing Fund (Fonvivienda), the Ministry of the Presidency will carry out the public-private partnerships making possible the increase in housing.
The government seeks to increase the number of people that can secure housing through mortgage plans. He said at present less than 5% of Dominicans have mortgage plans.
The Presidency has announced it will be consolidating government housing in a new Ministry of Housing that will replace the National Housing Institute (INVI).
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13 January 2021