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.