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Santo Domingo.- In the coming months the government and the private sector will begin construction of 35,000 homes to be built with the Dominican workers’s pension funds, a project which would comply with Law 189-11.
Fermin Acosta, president of the housing builders and developers grouped in Acoprovi), said the sector awaits the approval of two projects submitted to the Public Works Ministry.
After meeting with president Danilo Medina yesterday, Acosta said they’re confident construction of the first affordable housing project with some of those funds will begin soon.
He said six other housing projects are in the pipeline, one of which will be located 14 kilometers north of the city on the Duarte highway, and aonther at Jacobo Majluta Av.
The business leader also revealed that there are currently around RD$175.0 billion (US$4.5 billion), of which up to 35 billion could be used in housing, because in his view the law allows up to 20 percent of the Fund.
However the Acoprovi president said the new authorities are currently in the process of reviewing all the regulations which authorize the use of pension funds in housing construction, an amount which shouldn’t exceed 2.3 million pesos each.
"The regulations were already adopted, all decrees are there, a unified window and monetary instruments," Acosta said, adding that the industry is nearly ready to start work on the construction of the first project.
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time for the pigs to hit the trough
I feel very uneasy about this, nothing is said about paying back into the fund what has been taken "IF" there is a clause that says the fund has to be reimbursed.
Please send to info@plazacoral.net or jhcl2016@yahoo.com
Mas pa'lante y manos a la obra!
8-)
Remember these are the Same PURPLE Geniuses who brought you the;
1.USELESS Elevated Roadways that create more traffic jams with a cost overrun of 40 million dollars to the already inflated original price and added I hour to your commute,
2. As well as the 8th Wonder of the World the USELESS METRO, 14 km at a cost of 1,000,000,000 billion US dollars!
So good luck with this latest Boondoggle!
investments but banking investments, where the bank can invest as much as 80% of its assets and the inssurances 20%.
You usually invest on good returns where money is to be made from its consumers. Not in this crazy welfare non capitalistic system that is more like communism. How are these low income buyers going to finance a house when they can't even find jobs ? That is ok gvt as long as you
make money on the deal.
Many NYC mayors have tried to borrow money from the NYC pension system and have failed.
The only one that was succesfully on tapping the teachers' pension was ex governor Whitman NJ
Still was taken to court and lost, and had to refund all those US$6.5 billions with interest.
She wanted to close deficis at the back of the teachers pension.That is what you get when you get a Republican in.That is why the present NJ governor also Republican hates the teachers pension.