Santo Domingo’s Government to use RD$40 billion of pensions… To create housing for Low Income Earners!

The Dominican Republic’s government announced earlier this week they’d take some RD $40 billion from the Pension Fund available for the construction of low-cost housing financed through private banks.

The interest rates will be fixed and the Executive Branch will be the main provider of the construction materials and equipment, according to El Nuevo Diario.

President Danilo Medina was present for the announcement at the Presidential Palace. Activities centered around the reading of Decree 663-12 that creates the Presidential Commission for the Development of the Mortgage and Trust Market.

The commission will be responsible for the implementation of Law 189-11 that regulates the construction of low-cost housing with funds from workers’ pension plans.

The nation’s pension funds currently total RD $195 billion, according to Superintendent of Pensions Joaquin Geronimo.

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