Dominican Gov., private sector roll out US$4.3B housing plan

Santo Domingo.- In the next four years the government and the private sector will move more than RD$247.0 billion (US$4.3   billion) into the economy through the “Happy Family” housing plan announced by President Luis Abinader in January.

“In the first year we are stipulating 11,000 homes that we are going to develop,” said Camel Curi Lora, deputy minister of investment projects for the Presidency.

He told Diario Libre that a family with an income of RD$16,000 per month may choose a house of RD$850,000 and the State will provide an initial bonus of 20% of the cost of the house. The beneficiary will contribute about RD$20,000.

He said the family would receive an ITBIS bond through the Mortgage Development and Trust Law (Law 189-11), which equals between 7% and 8%.

“But, in addition, if the family still does not qualify for the bank loan, the government will grant them a rate bond and follow it up for seven years and the family will only have to pay a part of the rate required by the bank.”