Santo Domingo.- The Senate Wednesday amended the Law to Develop the Mortgage and Trust Market as submitted by the Executive Branch, which will allow the use of a percentage of the workers’ pension fund for housing construction.
The legislation, which has been eyed warily by the labor unions and other sectors, will now return to the Chamber of Deputies, after the Executive Branch objected some points which had been added, and suggested others.
Among the bill’s supporters figure the Dominican Commercial Banks Association (ABA); the Dominican League of Savings and Loans Associations, the economic sector, the Savings and Credit Banks Association (ABANCORD), as well as the Government.
President Leonel Fernandez’s missive for the piece affirms that the law seeks to develop the mortgage and trust market, and will reduce the residential deficit with the construction of low cost houses for the middle and lower classes.
He said it will also lead to the creation of financial figures to develop housing construction, to be subsidized by the State as well, reducing all taxes on construction as well as in the purchase of houses.