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.

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.