How many homes would be built with the legal reserve?

How many homes would be built with the legal reserve?

Representatives of the construction sector estimate that during 2023 and until 2024 it would be possible to develop around 10,000 housing solutions of low cost in the loan conditions allowed by the recent facilities provided by the Monetary Board (JM).

“An economy that does not build does not advance as desired by a country, not only in terms of housing, but also in the creation of key infrastructures for growth and development,” said the Governor of the Central BankHector Valdez Albizu.

His statement is contained in a press release in which it is reported that the official met with representatives of the construction sector, with whom he reviewed the facilities provided by the JM for the low cost home acquisition.

During the meeting, held at the headquarters of the Central Bank, Valdez Albizu pointed out that, at the end of 2022, they returned to the institution 21,424.4 million pesoscorresponding to resources released from the legal reserve in 2017, for the financing of homes on that date.

He recalled that last January the JM authorized the relocation of 21,424.4 million pesos to the construction sector, which will be allocated 80% to the acquisition of low cost housingwhich, together with the ITBIS Bonus and Rate Bonus, among others, would facilitate the acquisition of the first home for the final beneficiaries.

The remaining 20% ​​would be directed to interim loans for the construction of such low cost housing. Financial entities must channel these financings at an interest rate that does not exceed 9.0% per year.

Meeting Participants

The governor of the Central Bank held the meeting with representatives of the Dominican Association of Home Builders and Promoters (Acoprovi), with the Association of Promoters and Home Builders of Cibao (aprocovici) and the Dominican Chamber of Construction (cadocon), in order to review the efficient use of resources provided by the Monetary Board.

The delegation of construction sector It was made up of the president of Acoprovi, Jorge Montalvo; the president of Cadocon, Raúl Rizek; the president of Aprocovici, Alejandro Fondeur; and the engineer Rafael Bisonó.

The governor was accompanied by other officials of the central bank.

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