Central bank taps US$222.2M to boost home loans

Santo Domingo.- Central banker Hector Valdez Albizu on Tuesday said he’ll propose an to the S&Ls to form a pool so to channel more funds through financing for construction of affordable housing via escrow, and announced the release of US$222.2 million in bank reserve to boost home loans.

The official agreed with the concern expressed during a visit by the Dominican Housing Builders and Developers Association’s (Acoprovi) new board headed by Hector Breton,.

Acoprovi notes that the funding for the S&Ls in the provinces is too low to provide mortgage loans, since the deposit volume is too high and their small size.

Valdez said since April the Central Bank has authorized the release of up to RD$10.0 billion (US$222.2 million) in bank reserve to provide those loans at low rates.