Bill sets the low-cost housing category at/or below US$70,000

Santo Domingo.- The Chamber of Deputies on Wed. passed an amendment to the Mortgage Market Development and Trust Law (189-11) that establishes a new category for low-cost housing at/or below RD$3.5 million (US$70,000).

The bill submitted by the Executive Branch would increase the reference value of homes and exempt the real estate transfer tax to the first-time buyers who resort to a trust fund. It passed 105 votes to none and five deputies abstained.

The initiative would amend articles 129 and 131 of Law 189-11. The first provides that low-cost housing have a sales price equal to or lower than RD$2.0 million.

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