President initiates new 7,544 apartment construction plan

It is the project Plan Mi Vivienda.

President Luis Abinader initiated the construction of the “Plan Mi Vivienda” developed by a trust between the National Housing Institute (INVI) and Banreservas, which will build 7,544 apartments to be financed with facilities.

The initiative consists of an apartment construction program, which in its first phase will start with five projects to be developed in Hato Nuevo, Santo Domingo Oeste, San Luis, Santo Domingo Este, Ciudad Modelo, Santo Domingo Norte, and Los Salados and La Barranquita in Santiago, for a total of 7,544 units.

Banreservas will provide its financing services for the beneficiary purchasers and developers or promoters who request and meet the requirements.

They will offer a rate of 8% for six years, starting from the subscription of the loans. They will also benefit from a subsidy of 50% of the total cost of housing and life insurance premiums.

A “Guarantee Trust backs the “Mi Vivienda” program for Low Cost Housing,” which seeks to develop a system of public and private institutions for the generation of housing solutions, taking as a reference the provisions of Articles 129 and following of Law 189-11 on the Development of the Mortgage and Trust Market in the Dominican Republic.

In the first year, the projects of Hato Nuevo, San Luis and Ciudad Modelo in Santo Domingo, and the projects located in Los Salados and La Barranquita, in the province of Santiago, will be started.

The President explained that the investment exceeds 15.8 billion pesos, with an economic impact of more than 25 billion pesos.

The 2 and 3 bedroom apartments will be accessible to families with a modest monthly income or those whose livelihood comes from work in the informal economy.

These households will be able to complete the payment in a period of up to 20 years in installments and up to almost a year to complete the down payment.