Deputies pass Trust Act expected to boost low cost housing

Santo Domingo.- TheChamber of Deputies on Tuesday passed the Trust Act (DR Trust VBC) for constructionof low cost housing, on a favorable report from the bicameral commission, submittedby its vice president Ramon Cabrera.

The bill will be sentto president Danilo Medina who´s expected to sign it into law.

Ciudad Juan Bosch, now underconstruction, will be the first low cost housing project to benefit from the legislation

Homes priced from RD$950,000to RD$2.4 million will have a fixed rate of 8% annually and 20-year financing, rangingin sizes from 45 to 80 square meters, two or three bedrooms.

Buyers will qualify forbonds and the Itbis tax on land transfer will be waived, with 10% of theproperty cost to be covered by the state.

Cabrera said CiudadJuan Bosch is the first project to benefit from the mortgage market and trust law189-11 “which serves as a model for others.” He said 15,000 homes will be builtin the first stage with funding through the national banks.